Miami-based lender Hencorp Becstone Capital L.C. has agreed to pay $3.8 million to settle allegations that it made false statements and claims to obtain loan guarantees from the Export-Import Bank, the U.S. Department of Justice said on Thursday.
The DOJ said the government alleged a Peruvian-based former Hencorp business agent created false documents to obtain Ex-Im Bank guarantees for fake export transactions, then diverted the funds to himself, friends and associates.
Hencorp had acted recklessly by outsourcing credit review functions without proper supervision or oversight, the department said in a statement.