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Former R. Allen Stanford Associates Convicted Of Fraud

By CICELY MITCHELL, CBS Houston
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(credit: Getty Images)

(credit: Getty Images)

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HOUSTON (CBS Houston) Two former R. Allen Stanford associates have been convicted of fraud. Both are accused of attempting to assist an imprisoned Stanford conceal a $7 billion Ponzi scheme.

Gilbert Lopez Jr., 70 and 40-year-old Mark Kuhrt were both convicted of conspiracy to commit wire fraud and nine counts of wire fraud on Monday. Each could face a maximum 20 years in prison.

Earlier this year, Stanford was convicted on 13 fraud-related counts and later sentenced to 110 years in prison. The prosecution in the case states that Lopez and Kuhrt helped to cover up Stanford’s misuse of assets.

Lopez,a former chief accounting officer of Stanford Financial Group Co. and Kuhrt, a former global controller of Stanford Financial Group Global Management will have sentencing hearings on February 14, 2013.

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