Ex-Stanford Chief Accountant Sentenced To 20 Years Essay Example
Gilbert Lopez and Mark Kuhrt, former chief accounting officer and controller for R. Allen Stanford, have each received a 20-year prison sentence for their roles in concealing Stanford's $7 billion Ponzi scheme. In November, they were convicted of conspiring to hide the fraudulent activity. The sentencing occurred yesterday in Houston under the supervision of U.S. District Judge David Hittner.
Prosecutors claim that counterfeit certificates of deposit from Stanford International Bank Ltd in Antigua were utilized in a fraudulent plot. The two remaining executives, Mr. Lopez and Mr. Kuhrt, who are involved in this scheme, have been accused of criminal conduct. Mr. Lopez's attorney contends that despite his lower rank in the hierarchy, he acted as the chief accountant for a decade and had complete knowledge of the substantial misappropriation of funds belonging to the victims.
The men are pre
...sently in jail in downtown Houston, awaiting sentencing after being convicted of 9 charges of wire fraud and one charge of conspiracy to commit wire fraud. Throughout the hearing, both individuals remained silent. Jack Zimmermann, Lopez's attorney, appealed for a prison sentence of three years for his client, along with two years of home confinement and three years of supervised release. The lawyer argued that this would guarantee fair punishment for Lopez in relation to the other co-defendants.
In March 2012, Stanford was convicted of orchestrating fraud and embezzling over $2 billion from investors. He used the funds to finance his lavish lifestyle, which included private jets, yachts, waterfront mansions, and failed business projects. Currently, he is serving a 110-year prison sentence in a federal facility in Florida. In addition, Stanford has filed an appeal challenging both his conviction an
sentence.
The case U.S. v Lopez has been assigned the docket number 4:09-cr-0342 in the U.S. District Court for the Southern District of Texas (Houston).
The source of the information is Bloomberg.
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