Stanford accountants attack Lloyd’s fraud accusations

Accountants who worked for Allen Stanford are distancing themselves from any
alleged wrongdoing at the business, as they seek compensation from insurer
Lloyd’s of London to pay for their legal fees.

The accountants are suing Lloyd’s of
for failing to pay out insurance on their legal fees during
the investigation that has led to the upcoming court case against Allen

Lloyds refused to pay out as it alleged false accounting, the non-disclosure
of a $2bn (£1.3bn) unsecured loan to Stanford and misrepresentation to investors
– all grounds under which the insurer can claim to halt a payout, reported

Stanford accountants Mark Kuhrt and Gilbert Lopez, plus chief investment
officer Laura Holt, have sued Lloyd’s of London. Lloyd’s must prove to Houston
district judge Nancy Atlas that they committed the offences it alleges.

Lawyers for Stanford, during the court proceedings, said he was not at the
centre of anything illegal or wrong.

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