Texas Business Owner Arrested, Indicted on Charges of Defrauding Ex-Im Bank and Private Lenders
WASHINGTON, D.C. —- On May 1, 2008, the United States Attorney for the Western District of Texas (USAO) 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.
An indictment returned this week by a federal grand jury sitting in San Antonio, Tex. alleges that from February 2003 to November 2006, Parker schemed to defraud the Export-Import Bank of the United States (Ex-Im Bank) by stealing millions of dollars in loan proceeds obtained by Mexican business owners from private U.S. lenders and causing multi-million dollar losses to Ex-Im Bank, which guaranteed or insured those loans based on false applications and supporting documentation submitted by Parker. The indictment also charges Parker with defrauding lenders in transactions not insured or guaranteed by Ex-Im Bank.
The information which started the investigation was provided by Ex-Im Bank. 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 two percent, which compares favorably to the loss rates for many commercial banks. In addition, over the past fifteen years, Ex-Im Bank has generated a net positive return for the taxpayer of $4 billion. Ex-Im Bank is committed to supporting U.S. export-related jobs while protecting taxpayer dollars.
Ex-Im Bank is the official export-credit agency of the United States. The independent, self-sustaining federal agency, now in its 74th year, helps create and maintain U.S. jobs by financing the sale of U.S. exports, primarily to emerging markets throughout the world, by providing loan guarantees, export-credit insurance and direct loans. In fiscal year 2007, Ex-Im Bank authorized $12.6 billion in financing to support an estimated $16 billion of U.S. exports worldwide. The Bank authorized $3.4 billion in direct support of small businesses for the year. The 2,390 transactions in support of small business during 2007 represented 85.6 percent of all Ex-Im Bank transactions. For more information, visit www.exim.gov.
EDITORS NOTE: All questions related to this legal matter should be addressed to Mr. Daryl Fields of the United States Attorney's Office for the Western District of Texas at (210) 384-7452.