This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Mexican Produce Company Owner Sentenced For Making A False Statement To A Financial Institution Insured By The U.S. Export-import Bank

WASHINGTON, March 15, 2013 /PRNewswire-USNewswire/ -- The Office of Inspector General (OIG) for the Export-Import Bank of the United States (Ex-Im Bank) announced today that the owner of a produce company in Hermosillo, Sonora, Mexico, was sentenced today for making a false statement to Frost National Bank, concerning loans insured by Ex-Im Bank.

Gilberto Salazar-Escoboza, 49, was sentenced by Chief Judge Fred Biery in U.S. District Court in San Antonio, Texas, to $500,000.00 in fines and twelve months of supervised release.  Salazar pleaded guilty on August 13, 2012, to one count of making a false statement to a financial institution.  Salazar was arrested on July 14, 2012, in California as he entered the United States from Mexico.  According to an indictment filed on June 20, 2012, in the Western District of Texas, San Antonio, Texas, Salazar was originally charged with three counts of bank fraud in connection with Ex-Im Bank insured loans.  Since his plea in August 2012, Salazar has paid back approximately $2.64 million in restitution to Ex-Im Bank, Frost National Bank, and a private insurance agency.

According to court documents, Salazar, a Mexican citizen, was the owner of three businesses identified as Empacadora Fruitcola Santa Ines, S.A. de C.V., La Costa Distribuciones Comerciales S.A. de C.V., and Videxport S.A. de C.V. located in Hermosillo, Sonora, Mexico.  All of these businesses are large produce and fruit companies which obtained loans from Frost National Bank for the purpose of purchasing U.S. manufactured equipment from U.S. suppliers.  Frost Bank insured some of those loans with Ex-Im Bank.  Salazar admitted that in February 2009, he knowingly made a false statement and report to a financial institution, when he submitted five checks to Frost National Bank purporting to show the payment of invoices to a supplier of goods, when in truth and fact and as Salazar well knew, such checks were never delivered to the supplier. 

The case was prosecuted by the U.S. Attorney's Office for the Western District of Texas, San Antonio Division.  The case was investigated by the Ex-Im Bank Office of Inspector General and Homeland Security Investigations in El Paso.

Ex- Im Bank, the official credit agency of the United States, is an independent executive agency that helps create and maintain U.S. jobs by filling gaps in private export financing at no cost to American taxpayers. Ex- Im Bank provides a variety of financing mechanisms, including working capital guarantees, export credit insurance and financing to help foreign buyers purchase U.S. goods and services.

Ex-Im Bank OIG is an independent office within Ex-Im Bank. The OIG receives and investigates complaints and information concerning violations of law, rules or regulations, fraud against Ex-Im Bank, mismanagement, waste of funds, and abuse of authority connected with Ex-Im Bank's programs and operations.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $94.82 -3.10%
FB $116.84 7.30%
GOOG $690.78 -2.10%
TSLA $247.82 -1.50%
YHOO $36.58 -0.99%


Chart of I:DJI
DOW 17,830.76 -210.79 -1.17%
S&P 500 2,074.51 -20.64 -0.99%
NASDAQ 4,805.6670 -57.4740 -1.18%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs