Navigation Links
Distributed by the Export-Import Bank of the United States On Behalf of the Independent Office of Inspector General
Date:12/10/2010

WASHINGTON, Dec. 10, 2010 /PRNewswire-USNewswire/ --  The Office of Inspector General for the Export-Import Bank of the United States (Ex-Im Bank OIG) announced today that Miami resident Yader A. Padilla, 59, was sentenced to 24 months in prison on December 3, 2010, by the Honorable U.S. District Judge Paul C. Huck in U.S. District Court for the Southern District of Florida.  He was sentenced for his role in defrauding the Ex-Im Bank.  Padilla had previously pled guilty on July 29, 2010 to a criminal information that charged him with conspiracy to commit wire fraud in a scheme to defraud the Ex-Im Bank of approximately $310,639.   

According to court documents and testimony at the plea hearing, from approximately May 2009 through January 2010, Padilla falsely represented his Miami, Florida pharmacy as an exporter of U.S. manufactured pharmaceutical products.  Instead of exporting the purported U.S. manufactured pharmaceutical products to South American buyers, Padilla and his co-conspirators misappropriated the money and utilized it for their personal gain.  Padilla's loans were obtained from a Florida bank and insured by Ex-Im Bank.  Padilla admitted that he and co-conspirators prepared and submitted to the Florida bank and the Ex-Im Bank false loan documents, including commercial invoices, packing lists and bills of lading which falsely reflected that Padilla purchased and shipped approximately $310,639 worth of pharmaceutical products to South American customers. 

Padilla was arrested in Miami on May 5, 2010, by special agents of the Ex-Im Bank OIG pursuant to the criminal investigation.  Padilla's arrest, conviction and sentencing are part of a larger, ongoing investigation by the Ex-Im OIG into allegations of fraud concerning Padilla and other co-conspirators.   In addition to his prison term, Padilla was ordered to serve 36 months supervised release after his confinement.  Padilla was also ordered to serve 1,400 hours of community service and pay $215,639 in restitution to the U.S. government.

Ex-Im Bank, an independent federal agency, is the official export credit agency of the United States and issues loan insurance to U.S. exporters that covers extensions of credit to foreign buyers of U.S. goods.  The Ex-Im Bank issues a loan insurance policy, which provides that if the foreign borrower defaults on its loan repayments to the lending bank, the Ex-Im Bank will reimburse the amount of the outstanding loan principal and interest to the lending bank.

The scheme was investigated by special agents of the Ex-Im Bank OIG after bank staff referred information concerning the suspicious loan defaults.  This case was prosecuted by the Department of Justice Criminal Division's Fraud Section.


'/>"/>
SOURCE Export-Import Bank of the United States
Copyright©2010 PR Newswire.
All rights reserved

Related medicine technology :

1. Osteotechs MagniFuse(TM) Distributed to 68 U.S. Hospitals as Product Revenue Surpasses $1 Million
2. OTCBB-VHGI Announces LOI to Sell Certain Assets for $10 Million Cash/Stock to WNDM; With Stock Dividend to be Distributed to Shareholders in 2010
3. Colombian National Pleads Guilty to Role in Defrauding the Export-Import Bank of the United States of More Than $1 Million
4. United Seating & Mobility Reaches Agreement With Alliance Homecare Equipment to Acquire its Complex Mobility Business
5. United Seating & Mobility and Affiliates Reach Agreement with RehabTECH Inc. to Acquire 3 Branch Locations
6. BMEYE Receives FDA Clearance to Launch ccNexfin, the First Totally Noninvasive Cardiovascular Monitor With BP, CO, and Masimo Rainbow SET(R) Technology in the United States
7. United American Healthcare Corporation Announces Senior Management Appointments and Relocation to Chicago
8. Lilly Surpasses United Way 2010 Campaign Goal
9. ChemoCentryx Reports One-Year Results from PROTECT-1 Study Demonstrating Traficet-ENs Effectiveness in Treating Patients with Crohns Disease at the United European Gastroenterology Federation (UEGW) Meeting
10. United American Healthcare Corporation Names John M. Fife as Chairman of the Board
11. Hospira Launches Piperacillin and Tazobactam for Injection in the United States
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:8/1/2017)... 2017   CerSci Therapeutics , a non-opioid drug ... , has received notice from the National Institute on ... (NIH) that it has been awarded a Direct-to-Phase II ... in 2017 with an additional $1,000,000 to follow in ... application of their lead non-opioid drug candidate CT-044 to ...
(Date:7/28/2017)... Hill-Rom Holdings, Inc. ("Hill-Rom") (NYSE: HRC), today announced financial ... 2017, and updated its financial outlook for fiscal 2017. ... fiscal third quarter, Hill-Rom reported earnings of $0.09 per ... the prior-year period. These results reflect after-tax special items, ... related to the non-cash write-down of assets associated with ...
(Date:7/26/2017)... Colo. , July 26, 2017 E.I. ... Guttridge and the Bimini SharkLab to custom design the worlds ... images of sharks in their native habitat. In preparation ... Discovery Channel,s Shark Week, Dr. Guttridge approached EIMI ... take pregnancy diagnosis directly to hammerhead sharks underwater. ...
Breaking Medicine Technology:
(Date:8/22/2017)... ... August 22, 2017 , ... “Wilderness Voices”: a collection ... travel. “Wilderness Voices” is the creation of published author, Martha McKown, an ordained ... was inspired as a very young child when her older sisters studied High School ...
(Date:8/22/2017)... Raleigh, North Carolina (PRWEB) , ... August 22, ... ... senior strategic advisor. Mr. Stewart is the Founder and Managing Member for t4 ... elements that have become critical to his definition of “success”: physician leadership development, ...
(Date:8/21/2017)... ... August 22, 2017 , ... PracticeMatch, a company that provides online resources ... physicians and advanced practitioners like nurse practitioners and physician assistants , ... November of this year. The online career fairs will allow job seekers to connect ...
(Date:8/21/2017)... (PRWEB) , ... August 21, 2017 , ... FCPX LUT ... Editors can quickly and easily add washed color grades to footage. A LUT ... LUT changes every pixel’s color to the corresponding color indicated by the table. This ...
(Date:8/21/2017)... ... August 21, 2017 , ... ... involvement program serving the people of Michigan. The new initiative fundraises for the ... at the very forefront of animal protection and welfare by addressing the root ...
Breaking Medicine News(10 mins):