Allen Stanford's execs to serve lengthy sentences

Two more former executives of convicted Texas billionaire Allen Stanford have been given lengthy jail terms for their roles in helping the disgraced financier carry out his multi-billion fraud scheme.

The United States Department of Justice announced today that Gilbert Lopez, who served as Stanford’s chief accounting officer and Mark Kuhrt, who served as his global controller, were each sentenced to 20 years in prison.

Assistant US Attorney General Lanny Breuer says Lopez and Kuhrt were also sentenced to three years of supervised release while Lopez was also ordered to pay a US$25,000 fine. 

Both men were convicted by a federal jury in Houston, Texas, last November on one count of conspiracy to commit wire fraud and nine counts of wire fraud.

Stanford, who was convicted for heading the fraud scheme that involved his Antigua-based bank, is currently serving a 110-year jail term.

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