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:6/23/2016)... 2016 Research and Markets has announced ... Forecast to 2022" report to their offering. ... the patients with kidney failure, it replaces the function of ... patient,s blood and thus the treatment helps to keep the ... balance. Increasing number of ESRD patients & ...
(Date:6/23/2016)... , June 23, 2016 Research ... "Pharmaceutical Excipients Market by Type (Organic Chemical (Sugar, Petrochemical, ... (Oral, Topical, Coating, Parenteral) - Global Forecast to 2021" ... The global pharmaceutical excipients market is ... a CAGR of 6.1% in the forecast period 2016 ...
(Date:6/23/2016)... June 23, 2016 Roche (SIX: RO, ROG; ... for its Elecsys BRAHMS PCT (procalcitonin) assay as a ... septic shock. With this clearance, Roche is the first ... integrated solution for sepsis risk assessment and management. ... infection and PCT levels in blood can aid clinicians ...
Breaking Medicine Technology:
(Date:6/25/2016)... Montreal, Canada (PRWEB) , ... June 25, 2016 , ... ... the pursuit of success. In terms of the latter, setting the bar too high ... low, risk more than just slow progress toward their goal. , Research from ...
(Date:6/24/2016)... ... June 24, 2016 , ... Those who have experienced ... feelings, many turn to unhealthy avenues, such as drug or alcohol abuse, as a ... has released tools for healthy coping following a traumatic event. , Trauma sufferers tend ...
(Date:6/24/2016)... ... ... a crisis. Her son James, eight, was out of control. Prone to extreme mood shifts ... upset him, he couldn’t control his emotions,” remembers Marcy. “If there was a knife ... and say he was going to kill them. If we were driving on the ...
(Date:6/24/2016)... (PRWEB) , ... June 24, 2016 , ... Global law ... magazine’s 2016 Legal Elite. The attorneys chosen by their peers for this recognition are ... , Seven Greenberg Traurig Shareholders received special honors as members of this year’s Legal ...
(Date:6/24/2016)... , ... June 24, 2016 , ... Comfort Keepers® of ... Cancer Society and the Road To Recovery® program to drive cancer patients to and ... other adults to ensure the highest quality of life and ongoing independence. Getting ...
Breaking Medicine News(10 mins):