Fraudster Gets 2 Years For $3.6M Ex-Im Bank Scheme

Law360, New York (October 20, 2011, 9:36 PM EDT) -- A Texas federal judge on Thursday sentenced a businessman to two years in prison for defrauding the Export-Import Bank of the U.S. to the tune of $3.6 million through his export company Valcomar Inc.

In addition to the prison time, U.S. District Judge Kathleen Cardone gave Gilberto Baez Garcia five years of probation and ordered him to pay $3.6 million in restitution and another $3.6 million in forfeiture, according to the U.S. Department of Justice.

Baez, who pled guilty in May to fraud and conspiracy charges,...
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Case Information

Case Title

USA v. Sealed


Case Number

3:10-cr-01633

Court

Texas Western

Nature of Suit

Date Filed

June 9, 2010

Government Agencies

UK Financial Services

UK Financial Services

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