A Houston resident directed a serious financial institution fraud scheme that laundered at the least $40 million, based on the U.S. Division of Justice.
The company says 44-year-old Bun Khath and his co-conspirators submitted mortgage purposes that contained fraudulent info and paperwork, together with pretend tools gross sales invoices, earnings tax returns and financial institution statements.
Khath, who admitted to being concerned within the scheme from 2016 to 2021, additionally maintained shell firms for the fraud, laundering the proceeds by wiring them to financial institution accounts managed by his co-conspirators.
Whereas out on bond dealing with expenses for the financial institution scheme, Khath additionally allegedly dedicated Medicare fraud, based on the U.S. Legal professional’s Workplace for the Southern District of Texas. He was taken into custody following his sentencing.
Khath pleaded responsible to financial institution fraud final 12 months and has now been sentenced to 10 years in jail.
A distinct Houston resident charged within the case, Hugo Villanueva, 71, was thought-about a fugitive till just lately, when he was arrested in Peru. He faces extradition, based on the U.S. Legal professional.
Two different co-conspirators, William Mills, 62, and Jeremiah Almaguer, 45, each pleaded responsible final 12 months. Mills admitted to being concerned within the scheme from 2014 to 2023, based on the Inside Income Service (IRS).
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