CHICAGO The owner of a
Denver steel supply company has been sentenced to 30 months in
prison for his role in a scheme to defraud the U.S.
Export-Import Bank of some $11.2 million.
Luis E. Moy, 47, pleaded guilty
in U.S. District Court in Denver to one count of conspiracy to
commit wire fraud and one count of wire fraud in connection
with the scheme, the Ex-Im Banks Office of Inspector
General said May 20.
Moy, the owner of a metal
building design and export business in Denver, admitted that he
acted as the exporter in 11 fraudulent loans insured or
guaranteed by the bank between 2004 and 2009. He and others
conspired to make false statements, supplied false invoices and
falsified other records, according to the Inspector General,
diverting some $1.2 million for his personal use.
As a result of the fraud, all of
the loans defaulted and the Ex-Im Bank was forced to make $7.5
million in claim payments to the lending bank.
In addition to his
two-and-a-half-year prison term, Moy was sentenced to five
years of supervised release and was ordered pay $11.2 million
The name of Moys company
was not disclosed by the Ex-Im Bank Office of Inspector