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Men Plead Guilty to $80 Million Conspiracy

By McNabb Associates

The Justice Department announced, on Oct 11, that eight individuals have been charged in connection with an $80 million conspiracy to commit fraud against the Export-Import Bank of the United States (Ex-Im Bank). [1]The scheme involved the fraudulent sale and shipment of U.S. exports to the Philippines, and was initially uncovered by Ex-Im Bank staff; after the Bank's investigation the matter was referred to the Department of Justice (DOJ).[2]The men charged in the case are Daniel Curran; Edward Chua; Jaime Galvez; Robert Delgado and David Villongco have all pleaded guilty in the case.[3] Four of the men are exporters, and one is a freight-forwarder. The defendants have all agreed to serve time in prison, with maximum sentences of up to 40 years...continue to full post

Full post as published by Federal Crimes Blog on October 13, 2007 (boomark / email).