Los Angeles-area Business Owner Sentenced to 12 Months in Prison and Ordered to Pay EXIM $3 Million in Restitution
FOR IMMEDIATE RELEASE July 30, 2020
Office of Communications (202) 565-3207
WASHINGTON –Export-Import Bank of the United States (EXIM) President and Chairman Kimberly A. Reed today issued the following statement after the EXIM Office of the Inspector General (OIG) announced that a Los Angeles-area business owner pled guilty to making false statements to a financial institution in violation of 18 U.S.C. §1014.
The individual—who submitted and caused others to submit false documents to a financial institution between December 2014 and July 2015 for a loan guaranteed by EXIM—was sentenced to 12 months in prison to be followed by 36 months of supervised release and ordered to pay $3 million in restitution to EXIM. The case was investigated by EXIM OIG in Washington, D.C. and prosecuted by the Major Frauds Section of the U.S. Attorney’s Office for the Central District of California. Additional details are included in the EXIM OIG press release.
“From the moment I became Chairman, EXIM has prioritized cracking down on bad actors and protecting the American taxpayer. To ensure our agency is well-run as we focus on our mission of supporting American jobs by facilitating U.S. exports, I have underscored the important and independent role of the EXIM Office of Inspector General,” said Chairman Reed. “On behalf of my 515 EXIM colleagues, my deepest thanks go to Acting IG Jennifer Fain, Assistant IG for Investigations Patrick McCurry, and the entire OIG team, as well as to the U.S. Department of Justice, for your hard work. We have no tolerance for waste, fraud, and abuse and those who try and undermine the integrity of the U.S. government systems we have in place will be held accountable, as we have seen with this case. I urge the public to immediately contact the EXIM OIG hotline if there is any concern.”
Complaints and reports of waste, fraud, and abuse related to EXIM programs and operations can be reported to the EXIM OIG hotline at 888-OIG-EXIM (888-644-3946) or via email at IGhotline@exim.gov. Click here for more details.
EXIM is an independent federal agency that promotes and supports American jobs by providing competitive and necessary export credit to support sales of U.S. goods and services to international buyers. A robust EXIM can level the global playing field for U.S. exporters when they compete against foreign companies that receive support from their governments. EXIM also contributes to U.S. economic growth by helping to create and sustain hundreds of thousands of jobs in exporting businesses and their supply chains across the United States. In recent years, approximately 90 percent of the total number of the agency’s authorizations has directly supported small businesses. Since 1992, EXIM has generated more than $9 billion for the U.S. Treasury for repayment of U.S. debt.
For more information about EXIM, please visit www.exim.gov