NEW HAVEN, Conn. (AP) — Men from Connecticut and Minnesota who were convicted for their roles in a multimillion dollar scheme that defrauded banks participating in a federal loan program designed to finance exports are headed to prison.
The U.S. Attorney’s office says Pablo Calderon, of Darien, was sentenced Tuesday to five months in prison and five months of home confinement. Brett Lillemoe, of Minneapolis, Minnesota, will serve 15 months behind bars.
Prosecutors say between September 2007 and January 2012 the defendants filed fraudulent documents under a U.S. Department of Agriculture program to secure loans and collect fees on the transactions.
As a result, foreign banks defaulted on more than $25 million worth of loans for which the USDA was required to pay out the guarantees.
The men denied the charges. They were convicted last year.