The Department of Justice has reported that two former Stanford Financial Group executives were each sentenced to 20 years in a federal prison for aiding convicted financier Robert Allen Stanford in perpetuating a massive Ponzi scheme totaling over $7.2 billion.
Gilbert Lopez, the former chief officer of Stanford Financial Group, and former controller Mark Kuhrt were sentenced by United States District Judge David Hittner in Houston. Both men were convicted of one count of conspiracy to commit wire fraud and nine counts of wire fraud after a five-week trial in November of 2012. It was also found that the two committed perjury during the trial. They were jailed in downtown Houston following their sentencing which will have both serving three years of supervised release. Mr. Lopez was also ordered to pay a $25,000 fine along with his prison terms.
Evidence found showed that Lopez and Kuhry were aware and tracked Stanford’s misuse of Stanford International Bank’s assets. They also assisted in keeping the misuse hidden from the public as well as from almost all of Stanford’s other employees, and actively worked behind the scenes to prevent the misused from being discovered.
The lead counsel for Lopez, Jack Zimmerman, was “very disappointed” with the sentence and plans to appeal the conviction. The sentencing was expected to be closer to that of James Davis who was the former finance chief of Stanford Financial. Last month Mr. Davis was given five years in jail for his role in the scheme after he pleaded guilty to fraud and conspiracy charges while acting as the top government witness in Stanford’s trial.
Richard Kuniansky, a lawyer for Mr. Kuhrt did not immediately respond to a request for comment.
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