BusinessCorporate FinanceTwo accountants charged over Stanford

Two accountants charged over Stanford

US Securities and Exchange Commission charges two accountants in its case against billionaire Sir Allen Stanford over an alleged $8bn (£4.9bn) Ponzi scheme

It alleges Mark Kuhrt and Gilberto Lopez, accountants for Stanford-affiliated
companies, fabricated financial statements to the impression investments were
‘solid, safe and secure’.

Stanford International is alleged to have conducted a Ponzi scheme which
repaid investors using funds from other clients and not from returns generated
by certificates of deposit.

Lopez worked in Stanford Financial Group’s Houston office as the chief
accounting officer.

He provided accounting services to many entities under Stanford’s control.

The regulator also alleges that the head of Antigua’s Financial Services
Regulatory Commission helped Stanford run his scheme for at least a decade, by
conducting fake audits of Sir Allen’s company records.

Read more on this issue here

Related Articles

Stanford's bail revoked

Corporate Finance Stanford's bail revoked

8y Accountancy Age, Reporters