Business

Financier’s ex-associates convicted of fraud

HOUSTON — Two former associates of R. Allen Stanford have been convicted of fraud for trying to help the imprisoned Texas financier conceal a $7 billion Ponzi scheme.

Prosecutors in Houston said that Gilbert Lopez Jr., 70, and Mark Kuhrt, 40, were both convicted on Monday of conspiracy to commit wire fraud and nine counts of wire fraud.

Each count carries a maximum of 20 years in prison.

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Earlier this year, Stanford was convicted on 13 fraud-
related counts and sentenced to 110 years in prison. Prosecutors said Lopez and Kuhrt helped to hide Stanford’s ­misuse of assets.

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Lopez is a former chief accounting officer of Stanford Financial Group. Kuhrt is a former global controller of Stanford Financial Group Global Management.

Sentencing will be Feb. 14.

Associated Press