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Two More Stanford Executives Jailed

Allen Stanford The domino chain of people who helped make up the R Allen Stanford empire continues to be toppled by the American justice system, with a Texas judge sentencing the last two defendants convicted for helping the convicted Ponzi schemer to 20 years each in prison.

R Allen Stanford is serving a 110-year prison sentence for swindling more than US$7 billion in one of the biggest Ponzi schemes in US history.



The latest casualties were Gilbert Lopez Jr, an ex-chief accounting officer, and Mark Kuhrt, the former global controller.
They were both sentenced at a hearing on Thursday in Houston federal court to 20 years in US Federal Prison.

Media reports said attorneys for both defendants had pleaded for lesser prison terms, on the grounds that their clients were not as culpable as two other former executives who were given significantly smaller terms.

But prosecutors argued successfully that Lopez and Kuhrt had helped hide Stanford's misuse of investor funds.

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14 Comments In This Article   

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re: observer

#14 fnpsr » 2013-02-16 18:06

Observer, the individuals you mentioned got off easy because they cooperated with the prosecutor. This is what King should have done. However, King is now between a rock and a hard place. His testimony is no longer needed to get the former knighted one. However, he is still holding an ace up his sleeve. What is that you might ask? He can topple the house of cards by giving up the "Antigua 9". Once King gets into US custody, he will sing like a canary for better treatment, better food, less time in jail, a minimum security prison, an easy job, and oh yes, even a conjugal visit once in a while.

The case against AS's Antiguan lawyer, while it is now civil, is an interesting one. If he is caught perjuring himself, and is indicted, he too, would be forced to sing for his supper.

"Let's fix the little things with RWE before we attempt to fix the big things."
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fnpsr

@ Antigua, Barbuda & Redonda Judiciary

#13 Jumbee Picknee » 2013-02-16 18:04

The American legal system is setting a course of action which you can follow to charge, prosecute and convict those in Our Nation, responsible for similar crimes. It's time for some serious action in this area of criminal activity....THE Y ARE CALLED "PEN & PAPER AND QWERTY BOARD CRIMINALS
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Jumbee Picknee

evil american empire

#12 reality check » 2013-02-16 17:07

USA only care about itself. The whole banking system is one big Ponzi scheme
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reality check

RE: Two More Stanford Executives Jailed

#11 GodSon » 2013-02-16 14:55

Set these people free! Those investors that believe you can get 8% in a Cerificate of Deposit(CD) should lose their money. If you don't understand the laws of money then, the money you posess is not yours to keep. Don't I don't feel sorry for those investors, they are guilty of dooms most people GREED.

When someone tells you they can get you 8% in a secured CD when you know currrent rates are 3% , run and don't look back. You got greedy and said tell me more and now you blame everyone but yourself.
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GodSon

You reap what you sew #3

#10 Observer.. » 2013-02-16 14:16

I am sure we one day get to the bottom of this mess. Who knew what and when? Cause in the years after the 2004 election we had the traffic lights going from red to green and back to red. I can still hear the then budget speech and the loud applause from the entire cabinet. Partnership for Development I believe it was called. Antiguans pay attention to the things happening in your country. I know it’s a lot to follow. Make you feel powerless sometimes. Let it be. But don’t give up now.
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Observer..

You reap what you sew #2

#9 Observer.. » 2013-02-16 14:15

So where these guys working for the Antigua Bank. I don’t think so. Antigua Bank was an independent entity. Had its own Accountant and staff and President etc. So what is or what was their role, if these guys in Houston seem to have been doing all these things. I don’t think we have been told the full story. But it sure looks awkward and smells fishy. Or is there more to come? We know Mr. King is perhaps the only Antiguan indicted in this fraud.It seems as he is in his persona indicted, and not as Head of the FSRC. Cause if that was the case the government of Antigua would be indicted and therefore the Minister of Finance. What a thing. Who was the minister of Finance at that time? Oh I see. And who was the local lawyer for the Stanford Group? Oh I see. So you can indict someone personally but not the …..ister. Oh I see.
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Observer..

You reap what you sew #1

#8 Observer.. » 2013-02-16 14:15

Learning from the MBS judgment the Judge put the emphasis on the accountant. He was the trustee trusted with the financials. These guys were the ones trusted with the financials and should have chosen their professional ethics above that of money and position in the company. However I still feel that Mr. Jim Davis and Laura got off too easy. I don’t care if it’s because he made a plea deal. The sentence was much too mild in comparison to what Stanford and now these two gents got. I don’t wish jail time for no one, but you reap what you sew. What troubles me is that In Antigua nothing wrong seems to have been done. There are no charges against no one coming from the FSRC. So this to my mind means these guys have not done anything wrong according to Antigua Law. It is only US law. But then was it not the Antigua Bank that was implicated in this scheme.
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Observer..

RE: Two More Stanford Executives Jailed

#7 Worse to Come » 2013-02-16 13:06

I wonder how the US $1 million dollar lawsuit against Errol Caught and his law firm is progressing? I bet there are a lot of victims waiting to follow up with their own private lawsuits against Caught if they find him guilty.
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Worse to Come

RE: Two More Stanford Executives Jailed

#6 Innocent » 2013-02-16 12:12

4 people are now jailed and all 4 agreeing that the money was misused and the books cooked to show that the money was "invested" earning fantastic returns. Do we still feel that Stanford is innocent and didn't know where the money he was splurging was coming from?
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Innocent

He Who Laughs Last!

#5 Simplicity » 2013-02-16 11:46

The gentleman who used to live overlooking the airport from the north side was bullied by Stanford. I think he was forced to look through a concrete wall (similar to those bordering prisons) to watch the planes landing and taking off and also cricket games from Stanford Grounds until he could take it no more. Don't know if he was "bought out" or "sold out" but circumstances then caused him to leave. I believe his heart was heavy at that time to know he worked so hard for that piece of the rock and was then "forced" to leave. If he is still around, I know his heart would be so much lighter with him enjoying the last laugh.
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Simplicity

RE: Two More Stanford Executives Jailed

#4 Reality Check » 2013-02-16 08:17

Many more to bite the dust!
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Reality Check

CHICKENS COMMING HOME TO ROOST

#3 Lord Have Mercy » 2013-02-16 08:17

Aggrieved investors may also pursue vicarious liability theories against third-parties, including financial regulating institutions. The most common of these theories are conspiracy and aiding and abetting.

Under a conspiracy theory, individuals and business entities, can face direct liability for damages if they independently contributed to the commission of torts against investors or other parties suffering harm. Among other things, coconspirators might have engaged in fraud, negligent misrepresentati on, breach of fiduciary duty, or other torts, depending on the co-conspirator’ s relationship with the investors.

Aiding & abetting "cause of action does not require that the aider and
abettor owe plaintiff a duty so long as it knows the primary wrongdoer’s conduct constitutes a breach of duty, and it substantially assists that breach of duty” See Neilson v. Union Bank of California, N.A.,
290 F. Supp. 2d 1101, 1127 (C.D. Cal. 2003).

Not just LEROY KING, the FSRC and its Officers.
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Lord Have Mercy

CHICKENS COMMING HOME TO ROOST

#2 Lord Have Mercy » 2013-02-16 08:10

While the government of Antigua continues to flirt with the idea of PIRACY, it behoves them to look at how BROADLY US Federal Courts defined
CONSPIRACY,
AIDING & ABETTING,
CONSTRUCTIVE FRAUD, and
VICARIOUS LIABILITY in the context of a PONZI SCHEME.

FSRC Officers as well as ALP and UPP ministers who received campaign contributions as "HUSH MONEY"

“liability may ... be imposed on one who aids and abets the commission of an intentional tort if the person
(a) knows the other’s conduct constitutes abreach of duty and gives substantial assistance or encouragement to the other to so act or
(b) gives substantial assistance to the other in accomplishing a tortious result and the person’s own conduct, separately considered, constitutes a breach of duty to the other person.” Fiol v. Doellstedt, 50 Cal. App. 4th
1318, 1325-26 (1997). See also Dubai Islamic Bank v. Citibank, N.A., 256 F. Supp. 2d 158, 167 (S.D.N.Y.2003).
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Lord Have Mercy

He who laugh last!

#1 skyewill » 2013-02-16 05:32

Dem laugh ata the tall dark stranger who refused to work for them. What is the use of having plenty money and can't go to the mall and spend it. Lock up inna house for 20 years: Granny jus say, " Who wouldn't hear, will feel"
Intregrity FIRST: "Not just, telling the world, Showing the world".
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skyewill

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