Former Trader Sentenced To 33 Months In Prison In Ex-Im Bank Fraud

David Villongco of San Mateo, California was sentenced to 33 months in prison on Friday by US District Judge Richard W. Roberts for defrauding the US Export-Import Bank of $20 million. Villongco, former co-owner and manager of PBJ Venture International Corporation, pleaded guilty in March 2007 to one count of conspiracy and one count of mail fraud. He admitted that he and a co-conspirator borrowed $20 million from the bank from 2001 to 2004 under fraudulent pretenses. The funds were to be used to purchase goods for export to the Philippines, but he and co-conspirators in the US and the Philippines misappropriated about $16 million. Six others have pleaded guilty in the scheme and four more have been indicted. Bizjournal here, San Mateo County Times here.