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VOL. 36 | NO. 46 | Friday, November 16, 2012
2 former Stanford executives convicted of fraud
HOUSTON (AP) — Two former associates of R. Allen Stanford have been convicted of fraud for trying to help the imprisoned Texas financier conceal a $7 billion Ponzi scheme.
Prosecutors in Houston say 70-year-old Gilbert Lopez Jr. and 40-year-old Mark Kuhrt were both convicted Monday of conspiracy to commit wire fraud and nine counts of wire fraud.
Each count carries a maximum 20 years in prison.
Earlier this year, Stanford was convicted on 13 fraud-related counts and sentenced to 110 years in prison. Prosecutors say Lopez and Kuhrt helped to hide Stanford's misuse of assets.
Lopez is a former chief accounting officer of Stanford Financial Group Co. Kuhrt is a former global controller of Stanford Financial Group Global Management.
Sentencing has been set for Feb. 14.