Texas man sentenced for defrauding Ex-Im Bank

   A Fabens, Texas resident was sentenced Tuesday to 15 months in prison for his role in a scheme to defraud the U.S. Export-Import Bank of more than $690,624, the U.S. Justice Department said.
   Hector Cuevas, 42, was also sentenced by Judge Kathleen Cardone in U.S. District Court in El Paso to three years of supervised release and was ordered to pay $553,148 in restitution and $690,624 in forfeiture.
   Cuevas pleaded guilty on Oct. 13, 2011, to conspiracy to commit wire fraud, wire fraud and money laundering conspiracy. Cuevas admitted that he participated in a scheme to defraud the Ex-Im Bank.
   According to court documents, Cuevas was the owner of CT Implement Inc., a farm equipment sales company in Fabens that purported to be in the business of exporting U.S. agricultural equipment to Mexico.
   During his plea hearing, Cuevas admitted he helped others prepare and submit false applications, financial records and export documents to two lending banks to assist co-conspirators in Mexico in obtaining two Ex-Im Bank insured loans purportedly for the purchase of equipment from Cuevas’ company. Once the loans were approved, Cuevas admitted that he acted as a money launderer by illegally transferring Ex-Im Bank insured proceeds to both borrowers and others in Mexico. Both loans defaulted and caused Ex-Im Bank to pay claims totaling $583,430 to the lending banks.