A Houston resident directed a major bank fraud scheme that laundered at least $40 million, according to the U.S. Department of Justice.
The agency says 44-year-old Bun Khath and his co-conspirators submitted loan applications that contained fraudulent information and documents, including fake equipment sales invoices, income tax returns and bank statements.
Khath, who admitted to being involved in the scheme from 2016 to 2021, also maintained shell companies for the fraud, laundering the proceeds by wiring them to bank accounts controlled by his co-conspirators.
While out on bond facing charges for the bank scheme, Khath also allegedly committed Medicare fraud, according to the U.S. Attorney’s Office for the Southern District of Texas. He was taken into custody following his sentencing.
Khath pleaded guilty to bank fraud last year and has now been sentenced to 10 years in prison.
A different Houston resident charged in the case, Hugo Villanueva, 71, was considered a fugitive until recently, when he was arrested in Peru. He faces extradition, according to the U.S. Attorney.
Two other co-conspirators, William Mills, 62, and Jeremiah Almaguer, 45, both pleaded guilty last year. Mills admitted to being involved in the scheme from 2014 to 2023, according to the Internal Revenue Service (IRS).
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The post Houston Man Orchestrates $40,000,000 Bank Fraud Scheme, Fooling Lenders Into Backing Big Loans for Bogus Companies: DOJ appeared first on The Daily Hodl.
A Houston resident directed a major bank fraud scheme that laundered at least $40 million, according to the U.S. Department of Justice. The agency says 44-year-old Bun Khath and his co-conspirators submitted loan applications that contained fraudulent information and documents, including fake equipment sales invoices, income tax returns and bank statements. Khath, who admitted to
The post Houston Man Orchestrates $40,000,000 Bank Fraud Scheme, Fooling Lenders Into Backing Big Loans for Bogus Companies: DOJ appeared first on The Daily Hodl. Scams, Hacks & Breaches, Account, bank, fraud, Houston, Lender, loan, News, scam
This articles is written by : Nermeen Nabil Khear Abdelmalak
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