Tag: 赣州桑拿

RB man guilty of role in $80 million fraud case

first_imgObtaining loans to buy American-produced goods for export, the defendants instead shared the money and shipped nearly worthless items overseas to the brokers, who worked in collusion with them, Cogan said. They falsified loan- and export-shipping documents to make it look like they had shipped the goods being financed and then defaulted on the loans in the Philippines, Cogan said. “That triggered the Export-Import Bank to pay claims by the banks whose loans we had guaranteed,” Cogan said. “The buyers, the exporters and the broker shared the proceeds of their fraud.” Ex-Im Bank staff uncovered the fraud plot and handed it over to the Department of Justice to prosecute. The FBI and U.S. Postal Inspection Service also investigated. Of the five U.S. citizens who have pleaded guilty, four were exporters and one was a freight-forwarder. Each has agreed to a prison sentence of up to 40 years and to forfeit cash or property, authorities said. Pleading guilty to conspiracy to defraud the United States and mail fraud were Daniel Curran, 52, of Boynton Beach, Fla.; Edward Chua, 55, of Montebello; and David Villongco, 51, of San Mateo. Fremont resident Robert Delgado, 46, pleaded guilty last year to conspiracy and mail fraud charges. Also charged are Marilyn G. Ong, 51, and her nephew Ildefonso Ong Jr., 43, of Manila. “It’s possible more people will be charged in addition to the two that are being sought in the Philippines,” Cogan said. “We are not through with this investigation.” [email protected] 160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set! By Larry Altman STAFF WRITER A Redondo Beach man has pleaded guilty in a conspiracy to defraud the Export-Import Bank of the United States of $80 million, authorities said Friday. Jaime Galvez, 51, was among eight people charged in the plot that involved the fraudulent sale and shipment of U.S. exports to the Philippines. AD Quality Auto 360p 720p 1080p Top articles1/5READ MOREGame Center: Chargers at Kansas City Chiefs, Sunday, 10 a.m.“The maximum penalty for the charges that have been made is 40 years,” bank spokesman Phil Cogan said. “It’s not a career-enhancing move for any of these people that were charged.” During proceedings Oct. 5 in U.S. District Court in Washington, D.C., Galvez pleaded guilty to destroying or concealing records in a criminal investigation and committing perjury. Christina Song, 49, of Whittier was charged with conspiracy to defraud the United States and mail fraud that same day. The scheme involved obtaining loans from the Ex-Im Bank, an independent U.S. government agency that helps finance the export of American products to foreign countries. It offers export credit insurance, loan guarantees and direct loans. “Our mission is to help create U.S. jobs by supporting sales to developing countries,” Cogan said. “We use the taxpayers’ backing. We don’t like losing the taxpayers’ money.” last_img read more

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