Edward Chua
struck a plea
bargain in a
case involving
cross-border
bank fraud
with links to a
co-conspirator
based in the
Philippines
struck a plea
bargain in a
case involving
cross-border
bank fraud
with links to a
co-conspirator
based in the
Philippines
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Edward Chua ordered to return US$10m in illegal funds
CALIFORNIA
A California businessman, who schemed with a Philippine-based
co-conspirator to defraud the US Export-Import Bank (Ex-Im Bank) of about
US$10 million over a five-year stretch, has been sentenced to 37 months in US
prison.
The announcement was made by US Assistant. Attorney-General Alice Fisher
of the Criminal Division and US Attorney Jeffrey Taylor of the District of
Columbia, following sentencing Edward Chua, 55.
CALIFORNIA
A California businessman, who schemed with a Philippine-based
co-conspirator to defraud the US Export-Import Bank (Ex-Im Bank) of about
US$10 million over a five-year stretch, has been sentenced to 37 months in US
prison.
The announcement was made by US Assistant. Attorney-General Alice Fisher
of the Criminal Division and US Attorney Jeffrey Taylor of the District of
Columbia, following sentencing Edward Chua, 55.
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Chua admitted
to keeping
US$300,000 of
the proceeds
and moving
about US$9
million to
bank accounts
owned by a
co-conspirator
in the
Philippines
to keeping
US$300,000 of
the proceeds
and moving
about US$9
million to
bank accounts
owned by a
co-conspirator
in the
Philippines
In addition to his prison sentence, Chua was
placed on 36 months of supervised release
and ordered to pay the Ex-Im Bank restitution
of US$10.73 million.
According to court records, Chua pleaded
guilty on July 13, 2007, to one count of
conspiracy to defraud the United States and
one count of mail fraud.
Chua’s substantial assistance to government
in its investigation and prosecution of his co-
conspirator, whose name was not specified,
was taken into consideration during
sentencing.
Chua was sentenced in the US District Court
for the District of Columbia by Richard W.
Roberts.
placed on 36 months of supervised release
and ordered to pay the Ex-Im Bank restitution
of US$10.73 million.
According to court records, Chua pleaded
guilty on July 13, 2007, to one count of
conspiracy to defraud the United States and
one count of mail fraud.
Chua’s substantial assistance to government
in its investigation and prosecution of his co-
conspirator, whose name was not specified,
was taken into consideration during
sentencing.
Chua was sentenced in the US District Court
for the District of Columbia by Richard W.
Roberts.
As part of his plea, Chua, the former owner of EMMCCO and ECCO, both
exporting companies in Montebello in California, admitted that from
November 1999 until January 2005, he acted as a purported “exporter” in
approximately US$10 million worth of fraudulent loan transactions.
During that time, he also falsified documents sent to US banks and to the Ex-
Im Bank, and misappropriated some US$10 million in loan proceeds.
Chua admitted to keeping approximately US$300,000 of those proceeds and
transferring about US$9 million to bank accounts owned or controlled by a co-
conspirator in the Philippines.
According to announcements from Washington, Chua’s sentencing is part of
a broader investigation into an US$80 million scheme to defraud the Ex-Im
Bank between November 1999 and December 2005. Including Chua, seven
individuals – Daniel Curran, David Villongco, Robert Delgado, Christina Song,
Edward Javier and Jaime Galvez – have to date pleaded guilty to charges
related to their involvement in the fraud.
exporting companies in Montebello in California, admitted that from
November 1999 until January 2005, he acted as a purported “exporter” in
approximately US$10 million worth of fraudulent loan transactions.
During that time, he also falsified documents sent to US banks and to the Ex-
Im Bank, and misappropriated some US$10 million in loan proceeds.
Chua admitted to keeping approximately US$300,000 of those proceeds and
transferring about US$9 million to bank accounts owned or controlled by a co-
conspirator in the Philippines.
According to announcements from Washington, Chua’s sentencing is part of
a broader investigation into an US$80 million scheme to defraud the Ex-Im
Bank between November 1999 and December 2005. Including Chua, seven
individuals – Daniel Curran, David Villongco, Robert Delgado, Christina Song,
Edward Javier and Jaime Galvez – have to date pleaded guilty to charges
related to their involvement in the fraud.
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California man jailed in RP-US bank fraud