Three Individuals Charged with Defrauding Banks and USDA Export Financing Program

(FBI, Washington, 16 March 2015) United States Attorney for the District of Connecticut, today announced that on February 20, 2015, a federal grand jury in New Haven returned a 23-count indictment charging 3 individuals with conspiracy, fraud and money laundering offenses related to a multi-million-dollar scheme to defraud banks participating in a US Department of Agriculture backed export financing program. The indictment alleges that the three defendants engaged in a conspiracy to defraud U.S. financial institutions that secured loans to Russian Banks based on altered documents. The loans were backed by an export credit guarantee program run by the USDA, and when the loans went into default and were subsequently not paid back, the USDA lost millions of dollars.