Gilbert Lopez
{{Infobox criminal
| name = Gilbert T. Lopez Jr.
| image =
| image_size =
| caption =
| birth_date = {{birth year|1943}}
| nationality = American
| occupation = Accounting executive
| employer = Stanford Financial Group
| criminal_charge = Wire fraud, conspiracy to commit wire fraud
| criminal_penalty = 20 years imprisonment; 3 years supervised release; $25,000 fine
| criminal_status = Released from custody (December 20, 2024)
| conviction_date = November 19, 2012
| conviction_status = Sentence upheld on appeal (June 2015)
| imprisoned = February 14, 2013 – December 20, 2024
| known_for = Stanford Financial Group Ponzi scheme
}}
Gilbert T. Lopez Jr. (born 1943) is a former accounting executive who served as Chief Accounting Officer at Stanford Financial Group. He gained notoriety for his role in orchestrating and concealing the massive Ponzi scheme masterminded by R. Allen Stanford—through which millions of dollars were misappropriated from Stanford International Bank clients. In November 2012, a federal jury convicted Lopez on nine counts of wire fraud and one count of conspiracy to commit wire fraud. He was sentenced in February 2013 to 20 years in prison, along with three years of supervised release and a $25,000 fine, and was also found to have committed perjury during his trial.
History
Lopez was found guilty by a federal jury in Houston on November 19, 2012, of aiding Robert Allen Stanford in a fraud scheme involving Stanford International Bank (SIB).{{Cite web |last=U.S. Attorney's Office (USAO) |title=U.S. Attorney's Office - Southern District of Texas |url=https://www.justice.gov/archive/usao/txs/1News/Releases/2012%2520November/121119%2520-%2520Lopez%2520and%2520Kuhrt.html |archive-url=http://web.archive.org/web/20210423050311/https://www.justice.gov/archive/usao/txs/1News/Releases/2012%20November/121119%20-%20Lopez%20and%20Kuhrt.html |archive-date=2021-04-23 |access-date=2025-02-03 |website=www.justice.gov |language=en-us}}{{Cite web |title=Former Executives of Stanford Financial Group Entities Convicted for Roles in Fraud Scheme |url=https://archives.fbi.gov/archives/houston/press-releases/2012/former-executives-of-stanford-financial-group-entities-convicted-for-roles-in-fraud-scheme |access-date=2025-02-03 |website=FBI |language=en-us}}
Evidence at Lopez's trial showed that he knew about and monitored Stanford's misappropriation of SIB's assets, concealed the misappropriation from the public and nearly every other Stanford employee, and worked behind the scenes to keep it from being discovered. Additionally, he assisted Stanford in deceiving SIB clients during the late 2008 financial crisis by claiming that Stanford had invested hundreds of millions of dollars in SIB when in fact he had not. Lopez assisted in the creation of a fraudulent real estate deal that involved inflating the value of land parcels that were bought for $63.5 million to a fictitious $3.2 billion.{{Cite web |date=2013-02-14 |title=Office of Public Affairs {{!}} Former Executives of Stanford Financial Group Entities Sentenced to 20 Years in Prison for Roles in Fraud Scheme {{!}} United States Department of Justice |url=https://www.justice.gov/opa/pr/former-executives-stanford-financial-group-entities-sentenced-20-years-prison-roles-fraud |access-date=2025-02-03 |website=www.justice.gov |language=en}}{{Cite web |title=Stanford Execs Face Prison for Helping Fraud |url=https://www.courthousenews.com/stanford-execs-face-prison-for-helping-fraud/ |access-date=2025-02-07 |website=www.courthousenews.com |language=en-US}}{{Cite web |title=Allen Stanford’s accounting execs convicted of wire fraud |url=https://www.bizjournals.com/memphis/news/2012/11/20/allen-stanfords-accounting-execs.html |access-date=2025-02-07 |website=www.bizjournals.com}}
Prosecutor Jeffrey Goldberg said Stanford could not have carried out the fraud without help. He said Lopez - in his post as chief accounting of Stanford Financial Group - actively covered up his boss’s fraud.{{Cite web |last=Schneider |first=Andrew |date=2012-10-18 |title=Stanford CFO Davis To Testify Against Lopez And Kuhrt |url=https://www.houstonpublicmedia.org/articles/news/2012/10/18/38822/stanford-cfo-davis-to-testify-against-lopez-and-kuhrt/ |access-date=2025-02-07 |website=Houston Public Media |language=en-US}} “Gil Lopez and Mark Kuhrt were faced with the same choice over and over again, to either help Allen Stanford lie to his customers and misuse their money or say ‘I don’t want to be part of it”. The men chose to “keep it secret and actively work to keep others from finding out about it.” added Goldberg during the trial.{{Cite web |title=Stanford accountants helped hide ponzi scheme state US prosecutors {{!}} Virgin Islands News Online |url=http://www.virginislandsnewsonline.com/en/news/stanford-accountants-helped-hide-ponzi-scheme-state-us-prosecutors- |access-date=2025-02-07 |website=www.virginislandsnewsonline.com}}
Lopez's trial lasted for five weeks. The jury deliberated for about three days before finding Lopez guilty on ten of the eleven counts in the indictment. He was found guilty on nine counts of wire fraud and one count of conspiracy to commit wire fraud. On one count of wire fraud, Lopez was found not guilty. He was promptly remanded into custody following the trial.{{Cite web |last=Cohn |first=Scott |date=2019-02-20 |title=Victims of that other Ponzi scheme—Allen Stanford's—say they have been short-changed |url=https://www.cnbc.com/2019/02/20/allen-stanfords-ponzi-scheme-victims-say-they-have-been-short-changed.html |access-date=2025-02-07 |website=CNBC |language=en}}
On February 14, 2013 Lopez was sentenced to 20 years in prison.{{Cite web |date=2013-02-14 |title=20 Year Sentences Close a Stanford Chapter in the U.S. |url=https://www.houstonchronicle.com/business/article/20-year-sentences-close-a-stanford-chapter-in-the-4280130.php |website=Houston Chronicle}}{{Cite web |title=Ex-Stanford execs get 20 years for $7B swindle |url=https://www.usatoday.com/story/money/business/2013/02/14/ex-stanford-execs-swindle-sentence/1920505/ |access-date=2025-02-07 |website=USA TODAY |language=en-US}} In addition to the prison terms, U.S. District Judge David Hittner, who presided over the trial, sentenced Lopez to serve three years of supervised release and ordered Lopez to pay a $25,000 fine. Judge Hittner also found that Lopez obstructed justice by committing perjury at trial.{{Cite web |title=Stanford Execs Get 20 Years for Ponzi Scheme |url=https://www.courthousenews.com/stanford-execs-get-20-years-for-ponzi-scheme/ |access-date=2025-02-07 |website=www.courthousenews.com |language=en-US}}{{Cite news |last=Cai |first=Debbie |date=2013-02-14 |title=Ex-Stanford Executives Get 20-Year Sentences |url=https://www.wsj.com/articles/SB10001424127887324162304578304432628687040 |access-date=2025-02-07 |work=Wall Street Journal |language=en-US |issn=0099-9660}}{{Cite web |date=2013-02-14 |title=Former Executives of Stanford Financial Group Entities sentenced to 20 Years in prison |url=https://www.chron.com/neighborhood/bayarea/news/article/Former-Executives-of-Stanford-Financial-Group-9537116.php |website=Chron}}
The conviction was upheld by the appeals court on June 5, 2015.{{Cite web |title=UNITED STATES v. KUHRT (2015) |url=https://caselaw.findlaw.com/court/us-5th-circuit/1703639.html |access-date=2025-02-03 |website=Findlaw |language=en-US}}{{Cite web |date=2015-06-06 |title=Reuters - Ex-Stanford execs Kuhrt, Lopez appeal convictions in Allen Stanford fraud |url=https://www.reuters.com/article/world/uk/ex-stanford-execs-kuhrt-lopez-appeal-convictions-in-allen-stanford-fraud-idUSKBN0OM02G/}}
Lopez (Inmate Register Number: 99141-179) has been released on December 20, 2024.{{Cite web |title=Inmate Locator |url=https://www.bop.gov/inmateloc/ |access-date=2025-06-10 |website=www.bop.gov}}