Owner of Export Co Gets 46 Months for Scheme to Defraud Ex-Im Bank
The Justice Department has announced that Guillermo Mondino, the owner of Texon Inc., an export company in Miami, was sentenced to 46 months in prison for his role in a scheme to defraud the Export-Import Bank of approximately $24 million.
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(Mondino pleaded guilty in June 2010 to one count of conspiracy to commit mail fraud and one count of money laundering in connection with the scheme to defraud the Ex-Im Bank. See ITT's Online Archives 10062901 for summary.)
Assisted Foreign Buyers to Obtain Fraudulent Loans Insured by Ex-Im Bank
According to court documents, Mondino's export company, Texon, purported to export various types of equipment to South and Central America buyers. Mondino admitted that he assisted numerous foreign buyers to obtain fraudulent loans that were insured by the Ex-Im Bank.
From 2003 through 2009, Mondino, through Texon, assisted foreign buyers to create fraudulent loan applications, financial statements, purchase orders, invoices and bills of lading to falsely represent to various lending banks and the Ex-Im Bank the purchase and export of U.S. goods to buyers in South and Central America.
Loans Went into Default & Caused Ex-Im Bank to Pay Claims on $14.1M
According to court records, all of the loans involving Mondino were fraudulent. Mondino and others misappropriated the loan proceeds for their own use and benefit. After receiving more than $24 million in Ex-Im Bank insured loan proceeds, Mondino diverted about $6.4 million of the loan proceeds directly to the foreign buyers. As a result of the fraud, the loans went into default, causing the Ex-Im Bank to pay claims to the lending banks on $14.1 million of loans.
Sentenced to 46 Months, Ordered to Pay a Total of $16M
Mondino was sentenced to 46 months in prison and three years of supervised release. He was also ordered to pay $13.3 million in restitution and $2.7 million in forfeiture.