Defendants Try To Slash $7M Restitution In OPIC Fraud

Law360, New York (May 20, 2011, 4:24 PM EDT) -- Defendants that have copped to fraudulently obtaining $8 million from the Overseas Private Investment Corp. for a bakery in Estonia on Thursday proposed paying $1.3 million of the $7 million prosecutors in California seek in restitution.

While the five defendants conspired to submit false and misleading documents in order to win a $9.4 million loan from OPIC, about $7.9 million of which was distributed, they ultimately built the Estonian facility as promised and furthered the agency’s mission, according to defendants’ response to the restitution request....
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Case Title

Magistrate judge case number: 


Case Number

3:09-cr-00862

Court

California Northern

Nature of Suit

Date Filed

August 27, 2009

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