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 in forfeiture.
The name of Moys company was not disclosed by the Ex-Im Bank Office of Inspector General.