Eight charged in $80 million scheme to defraud the US Export-Import Bank

(Earthtimes.org, Washington 11 October 2007) Eight defendants have been charged in connection with an $80 million scheme to defraud the Export-Import Bank of the United States. As part of the scheme, a loan broker in the Philippines assisted borrowers in executing loan agreements with the lending banks and in obtaining loan guarantees or insurance policies from the Ex-Im Bank as part of the loan agreements.