Miami Electronics Exporter Sentenced to Prison for Defrauding Ex-Im Bank
The Office of Inspector General (OIG) for the Export-Import Bank of the U.S. (Ex-Im Bank) said a Miami resident and businessman Rafael E. Cuarezma was sentenced March 22 to 10 months in prison after pleading guilty to criminal charges of…
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two counts of conspiracy to commit wire fraud and wire fraud. According to court records, Cuarezma was the general manager of LFM International Corp., an electronics business in Miami, that exported electronic equipment to buyers in foreign countries. Court records show that Cuarezma entered into a conspiracy with others to defraud Ex-Im Bank and unlawfully enrich themselves by submitting false and fraudulent information to Ex-Im Bank through a lender to obtain money from the loan and misappropriate the loan proceeds for their own use and benefit, the OIG said. Cuarezma admitted that he and others prepared false loan applications financial statements, shipping documents, and invoices saying that Cuarezma, through LFM, had sold and shipped approximately $1.1 million worth of goods manufactured in the U.S. to South American buyers. Cuarezma had not sold or shipped any of the goods. Cuarezma defaulted on his loan causing Ex-Im Bank to pay a $372,808 claim to the lender, the OIG said.