Financial Consultant is Extradited to U.S. Over Alleged Ex-Im Bank Fraud
Manuel Ernesto Ortiz-Barraza, an independent financial consultant, was extradited to the U.S. Jan. 25 for his alleged part in a scheme to defraud the Export-Import Bank of the U.S. of more than $2.5 million, the Department of Justice said. Ortiz-Barraza…
Sign up for a free preview to unlock the rest of this article
If your job depends on informed compliance, you need International Trade Today. Delivered every business day and available any time online, only International Trade Today helps you stay current on the increasingly complex international trade regulatory environment.
was charged in the Western District of Texas with one count of conspiracy to commit wire and bank fraud, three counts of wire fraud and one count of bank fraud growing out of his alleged role. It's claimed he and his co-conspirators tried to obtain Ex-Im Bank-guaranteed loans through banks by creating false loan applications, financial statements and other documents purportedly for the purchase and export of U.S. goods into Mexico. They also allegedly falsified shipping records to support their claims of doing legitimate business and didn't ship the goods guaranteed by the bank. Ortiz-Barraza and the others then allegedly split the loan proceeds, causing the bank to pay claims to the lending banks for the $2.5 million losses.