Related Federal Cases
Texas Man Gets 15 Months for $690,624 Bank Scam
A Texas man has been sentenced to 15 months in prison for his role in a scheme to defraud the Export-Import Bank of the United States (Ex-Im Bank) of more than $690,624. Hector Cuevas, 42, was also sentenced by Judge Kathleen Cardone in U.S. District Court in El Paso to three years of supervised release and was ordered to pay $553,148 in restitution and $690,624 in forfeiture.
Cuevas pleaded guilty on Oct. 13, 2011, to conspiracy to commit wire fraud, wire fraud and money laundering conspiracy. According to court documents, Cuevas was the owner of CT Implement Inc., a farm equipment sales company in Fabens that purported to be in the business of exporting U.S. agricultural equipment to Mexico.
During his plea hearing, Cuevas admitted that he helped others prepare and submit false applications, financial records and export documents to two lending banks to assist co-conspirators in Mexico in obtaining two Ex-Im insured loans purportedly for the purchase of equipment from Cuevas’ company. Once the loans were approved, Cuevas admitted that he acted as a money launderer by illegally transferring Ex-Im Bank insured proceeds to both borrowers and others in Mexico.
Both loans defaulted and caused Ex-Im Bank to pay claims totaling $583,430 to the lending banks. Ex-Im Bank is an independent federal agency that helps create and maintain U.S. jobs by filling gaps in private export financing.
The case is being prosecuted by Trial Attorneys Patrick Donley and William Bowne of the Criminal Division’s Fraud Section and Assistant U.S. Attorney Steven Spitzer of the Western District of Texas, El Paso Office. The case was investigated by the Ex-Im Bank Office of Inspector General and ICE-HSI El Paso. The Financial Crimes Enforcement Network (FinCEN) also provided valuable assistance and financial analysis in this investigation.
Cuevas’ scheme was uncovered after Ex-Im Bank Office of Inspector General and ICE-HSI El Paso launched an investigation into the loans. The investigation revealed that Cuevas and his co-conspirators submitted false documents to obtain the loans, which were then used to launder money.
Ex-Im Bank provides a variety of financing mechanisms to help foreign buyers purchase U.S. goods and services. The agency helps create and maintain U.S. jobs by filling gaps in private export financing.
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Key Facts
- State: Texas
- Category: White Collar Crime
- Source: DOJ Press Release ↗
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