Ex-Im Bank Finances Small Business Ponzi Scheme

Image: Mafia Today
Image: Mafia Today

(From ATR)

The Export-Import Bank (Ex-Im) provided millions of dollars in financing to a Miami small business perpetrating a Ponzi scheme, according to a recent report by the Department of Justice (DOJ). The business had already defrauded private lenders out of $8 million in loans and used $2 million in Ex-Im financing to pay off these lenders and continue their scam.

The business, run by three family members defrauded private lenders out of millions of dollars by creating fictitious invoices for the sale of merchandise that never occurred.

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