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Miami Man Gets Four Years in Prison for Scheme to Defraud Ex-Im Bank

Thursday, November 03, 2011
Sandler, Travis & Rosenberg Trade Report

The owner of a Miami export company has been sentenced to 46 months in prison for his role in a scheme to defraud the Export-Import Bank of the United States of approximately $24 million, the Department of Justice announced Nov. 1. The man was also sentenced to three years of supervised release and ordered to pay $13.3 million in restitution and $2.7 million in forfeiture.

According to a DOJ press release, the man admitted that from 2003 through 2009 he helped foreign buyers create fraudulent loan applications, financial statements, purchase orders, invoices and bills of lading to falsely represent to various lending banks and the Ex-Im Bank the purchase and export of U.S. goods to buyers in South and Central America. After receiving more than $24 million in Ex-Im Bank insured loan proceeds, the man diverted about $6.4 million directly to the foreign buyers. As a result of the fraud the loans went into default, causing the Ex-Im Bank to pay claims to the lending banks on $14.1 million of loans.

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