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Man gets 12 years for using fake invoice to defraud US Ex-Im Bank
GUILLERMO Sanchez-Badia of Miami was sentenced to 12 years in prison for defrauding two commercial lenders and the US Export-Import Bank out of more than US$11 million.
The court also sentences him to three years of supervised release and ordered him to forfeit $41,924,418 and pay $11,503,068 in restitution, jointly with co-conspirators Isabel Sanchez and Gustavo Girol.
The gang used two companies to create fictitious invoices for sales of merchandise that never occurred.
The invoices were then sold to two commercial lenders in a process called "factoring", which allowed the invoice sellers to receive cash for about 90 per cent of the face value.
When the lenders refused further credit, the gang created false invoices and shipping documents to obtain a loan guaranteed by the Ex-Im Bank.
"Rather than acquiring, selling and shipping American manufactured goods as required for an EXIM guaranteed loan, Sanchez-Badia and his co-conspirators used the loan proceeds to pay off earlier factored invoices, thereby extending the scheme, and kept the balance of the loan proceeds for themselves," the Justice Department said.
"The factoring loans and the EXIM-guaranteed loan ultimately defaulted, causing losses of more than $9 million to the lenders and $2 million to the United States."
The court also sentences him to three years of supervised release and ordered him to forfeit $41,924,418 and pay $11,503,068 in restitution, jointly with co-conspirators Isabel Sanchez and Gustavo Girol.
The gang used two companies to create fictitious invoices for sales of merchandise that never occurred.
The invoices were then sold to two commercial lenders in a process called "factoring", which allowed the invoice sellers to receive cash for about 90 per cent of the face value.
When the lenders refused further credit, the gang created false invoices and shipping documents to obtain a loan guaranteed by the Ex-Im Bank.
"Rather than acquiring, selling and shipping American manufactured goods as required for an EXIM guaranteed loan, Sanchez-Badia and his co-conspirators used the loan proceeds to pay off earlier factored invoices, thereby extending the scheme, and kept the balance of the loan proceeds for themselves," the Justice Department said.
"The factoring loans and the EXIM-guaranteed loan ultimately defaulted, causing losses of more than $9 million to the lenders and $2 million to the United States."
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