Ex-Stanford execs to learn fate for $7B swindle
HOUSTON -- The last two defendants awaiting sentencing for their roles in a $7 billion Ponzi scheme run by disgraced Texas financier R. Allen Stanford head to federal court in Houston to learn their fate.
Gilbert Lopez Jr. and Mark Kuhrt are set to be sentenced Thursday. They were each convicted last year of conspiracy to commit wire fraud and nine counts of wire fraud. Each count carries a maximum of 20 years in prison.
Stanford was convicted last year 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 was Stanford's chief accounting officer, while Kuhrt was the global controller.
Besides Stanford, two other former executives with his now-dismantled business empire have been sentenced.
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