In the government’s opening statement, prosecutor Jeffrey Goldberg recounted how R. Allen Stanford defrauded investors in Antiguan-based Stanford International Bank out of billions of dollars.
Goldberg said Stanford could not have carried out the fraud without help. He said the defendants actively covered up their boss’s fraud – Lopez in his post as chief accounting officer of Stanford Financial Group, Kuhrt as its global controller.
Attorneys for Kuhrt and Lopez portrayed their clients as having been victims of the Stanford Ponzi scheme. They said Stanford’s chief financial officer James Davis actively deceived the men about the health and investments of the bank, in which the defendants had no management role.
Davis will take the stand as the government’s chief witness against Lopez and Kuhrt. The former CFO earlier pled guilty for his own role in the fraud. He faces up to thirty years in prison.