By Wire reports
Two former executives for R. Allen Stanford and the imprisoned Texas financier’s company have been convicted of fraud for trying to help conceal a $7.2 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.
They were immediately taken into custody.
Each count carries a maximum 20 years in prison.
In March, 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 was set for Feb. 14.
During their five-week trial, Lopez and Kurht claimed they were duped into creating false financial statements about fraudument certificates of deposit for Antigua-based Stanford International Bank Ltd.
According to Bloomberg, prosecutors told jurors that Lopez and Kuhrt tracked about $2 billion Stanford “sucked out” of the bank to fund risky private ventures including Caribbean airlines, resort developments and international cricket tournaments. The accountants didn’t disclose these loans or additional funds that Stanford took to underwrite a lavish personal lifestyle of private jets, yachts and waterfront mansions, the government said.