A Miami based businessman has been sentenced to 12 years in prison for his role a scheme to defraud the Export-Import Bank of the United States and two commercial lenders out of more than $11 million, the U.S. Attorney’s Office for the Southern District of Florida announced.
Guillermo Sanchez-Badia, 61, was the owner of Culter Bay-based export company ACE Products and Miami-based lumber export company Timber Depot, which also had operations in Puerto Rico. He pleaded guilty to one count of conspiracy to commit wire fraud, one count of wire fraud, and one count of conspiracy to commit money laundering.
According to court documents, Sanchez-Badia was involved in a scheme of creating false transaction documents such as invoices and purchase orders which he then used to secure credit. Together with his daughter Isabel Sanchez and her husband Gustavo Girol, who are co-conspirators in the case, Sanchez-Badia sold the fake invoices for cash to two commercial lenders in a process known as factoring. And about 90% of the value listed on the invoices went to the co-conspirators after each factoring, according to the U.S. Attorney’s Office.
As stated in court records, Isabel Sanchez owned the Miami-based Ex-Im of America, while her husband Gustavo was also the owner of Global Export Machinery and Zaragoza Exports, both based in Miami. By using their different companies, Gustavo, his daughter and her husband were able to create false invoices which they used for the scheme.