WASHINGTON, July 30, 2020 / PRNewswire / – The Office of the Inspector General (OIG) for the Export-Import Bank of The United States (EXIM) announced that a los Angeles– Area business owner has been convicted of her role in fraud by EXIM.
On July 14, 2020, Haiyan "Tina" Tang from Arcadia, California, the owner of 3T Holding, Inc. (3T) in Compton, Californiawas convicted by the judge Philip S. Gutierrez in the US District Court for the Central District of California. Tang was sentenced to 12 months in prison, followed by 36 months of monitored release. Tang was also ordered to pay $ 2,999,975 in reimbursement to EXIM and a $ 100 Special valuation fee. Tang pleaded guilty January 6, 2020counting false statements to a financial institution that violate 18 U.S. states. § 1014.
According to court records between December 2014 and July 2015 in the Los Angeles County, in the central district of Californiaand elsewhere Tang submitted a financial institution and caused others to submit false documents to influence that institution's actions in relation to a credit line Tang had requested on 3T's behalf. The loan was guaranteed by EXIM. To support the loan advances, Tang submitted contracts and orders from 3T customers. In total, Tang submitted about ten contracts and orders, which she knew were wrongly and incorrectly inflated to use the 3T loan.
The financial institution relied on these false documents to make a rough payment $ 3,619,000 up to 3T. 3T did not repay the loan, which was in arrears with a balance of $ 2,999,975 and caused the financial institution to file a lawsuit with EXIM.
This case was followed up by the United States Attorney General's Serious Fraud Department for the Central District of California. The case was investigated by EXIM OIG in Washington, D.C.
EXIM is the official export credit agency of The United States and helps finance the export of U.S. goods and services to international markets. Complaints and reports of waste, fraud, and abuse related to EXIM programs and operations can be reported to the OIG hotline at 888-OIG-EXIM (888-644-3946) or by email at (Email protected).
SOURCE Export-Import Bank from The United States, Inspector General's Office