Colorado Man Sentenced to Prison Time for Securing $11 Million in Fake Ex-Im Loans
The owner of a Colorado steel supply company was sentenced to more than two years in prison for working to defraud the Export-Import Bank of more than $11 million, the Bank announced May 20. Luis Moy, a 47-year-old permanent legal…
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resident of the U.S., pleaded guilty last year to wire fraud and conspiracy to commit wire fraud. From 2004-2008, Moy acted as the exporter in 11 fake Ex-Im insured or guaranteed loans, totaling $11,183,275, Ex-Im said. Moy admitted that he and his partners planned to misappropriate the loans so they could personally use the money. In addition to his prison term, Moy was sentenced to 60 months of supervised release and ordered to pay the fake loan amount in forfeiture, Ex-Im said.