Texas man indicted on Ex-Im Bank fraud charges

The U.S. Attorney for the Western District of Texas last week announced the arrest of Andrew M. Parker, owner of San Antonio Trade Group Inc., on conspiracy, wire fraud, money laundering, false statements and tax charges in dealings with the Export-Import Bank of the United States.

The Ex-Im Bank said an indictment returned last week by a federal grand jury in San Antonio alleges that from February 2003 to November 2006, Parker schemed to defraud the Ex-Im Bank by stealing millions of dollars in loan proceeds obtained by Mexican business owners from private U.S. lenders. The indictment also alleges that Parker caused multimillion-dollar losses to the Ex-Im Bank, which guaranteed or insured those loans based on false applications and supporting documentation submitted by him.

There are other charges in the indictment alleging Parker defrauded lenders in transactions not insured or guaranteed by the Ex-Im Bank.

The information which started the investigation was provided by Ex-Im Bank, bank officials said in a statement. Ex-Im Bank will continue to work closely with law enforcement authorities to combat attempts to steal from the taxpayer. Ex-Im Bank has maintained an historical portfolio loss rate of less than 2 percent, which compares favorably to the loss rates for many commercial banks. In addition, over the past 15 years, Ex-Im Bank has generated a net positive return for the taxpayer of $4 billion.

Source: American Shipper