Wednesday, 10 February 2016
Last updated 8 min ago
Feb 19 2013 | 9:01am ET
Two former top executives at R. Allen Stanford's fraudulent financial empire received long terms in prison last week for their role in the $7 billion Ponzi scheme.
Gilbert Lopez and Mark Kuhrt were each sentenced to 20 years in prison. The two, the last defendants in the Stanford case to be sentenced, were convicted of wire fraud and conspiracy in November.
The sentences for Lopez, Stanford Financial Group's former chief accounting officer, and Kuhrt, its former controller, were the longest levied in the case except against Stanford himself, who was sentenced to 110 years in prison. Former chief investment officer Laura Pendergast-Holt received three years and former CFO James Davis five years. Both cooperated with the authorities in the case.
Prosecutors accused Lopez and Kuhrt of knowing that Stanford was misappropriating his bank's assets and helping him cover it up.