Man Sentenced to 24 Months for Scheme to Defraud Ex-Im Bank
The Justice Department has announced that Gilberto Baez-Garcia has been sentenced to 24 months in prison for his role in a scheme to defraud the Export-Import Bank of more than $3.6 million. Baez was also sentenced to five years of…
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supervised release and was ordered to pay $3,614,594 in restitution and $3,614,977 in forfeiture. According to court documents, Baez admitted that he and another El Paso exporter created false documents so Baez could obtain a fraudulent Ex-Im Bank loan and assisted others to obtain fraudulent Ex-Im loans. They stole the loan proceeds by transferring funds to Mexico and elsewhere. As a result, the loans went into default and caused the Ex-Im Bank to pay claims losses to the lending banks in the amount of $3,614,594.