SEC Ditches Allen Stanford Controller Case After Biden Reprieve

The US Securities and Exchange Commission is dropping its 16-year-old case against an executive convicted of aiding R. Allen Stanford’s $7 billion Ponzi scheme after former President Joe Biden cut short his prison term.

The agency moved Thursday to end its civil case against Mark Kuhrt, who had served as Stanford’s controller and was found guilty of fraud by a jury in Houston in 2012 and sentenced to 20 years in prison. The regulator has abandoned a string of lawsuits since President Donald Trump took office.

Mark Kuhrt

Photographer: F. Carter Smith/Bloomberg

As part of Biden’s clemency action for some 1,500 convicted criminals ...