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Ex-Stanford Execs Get 20 Years For $7B Swindle
A judge in Texas has sentenced the last two defendants convicted for helping disgraced financier R. Allen Stanford bilk investors out of more than $7 billion in one of the biggest Ponzi schemes in U.S. history.
Gilbert Lopez Jr., the ex-chief accounting officer for one of Stanford's companies, and Mark Kuhrt, the global controller, were each sentenced to 20 years in prison during a hearing Thursday in Houston federal court.
Attorneys for Lopez and Kuhrt had asked for lesser prison terms, saying their clients were not as culpable as two other former executives who were given significantly smaller sentences.
Prosecutors say Lopez and Kuhrt helped hide Stanford's misuse of investor funds. Stanford was convicted last year on 13 fraud-related counts and sentenced to 110 years in prison.
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