Below is a great article on another case of fraud. We have obviously gone over this before, but we’ll say it again – Fraud is not the best course of action. In the performance bond world, it’s best to just go and get a good bond – and not fake the bond documents.
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Fresno man sentenced to more than five years for fraud | Fresno Bee.
A Fresno man was sentenced to five years and five months in prison for defrauding the federal government and private companies out of $1.25 million, the U.S. Attorney’s Office announced Monday.
Abel Martin Carreon, 57, ran a scheme to defraud the private companies that were seeking contract work with the federal government from April 2005 to May 2011.
He was ordered to pay $1.25 million in restitution.
His company, Tripartite Escrow Corp., offered bonding services to prospective government contractors using fake collateral to secure bonds.
Bond packages that Carreon submitted contained false statements and fraudulent documents, according to his plea agreement.
Carreon pledged stock that didn’t exist as collateral, was worth substantially less than represented or was pledged across multiple bonds without full disclosure, the U.S. Attorney’s Office said. He used forged notary stamps and notary signatures and other forged signatures on the bond documents.
The contractors and the government paid Carreon for false and fraudulent payment and performance bonds.
“Working with our law enforcement and prosecutorial colleagues, we will continue to protect the taxpayers’ investment in our nation’s infrastructure from fraud, waste, abuse and violations of law,” said William Swallow, regional special agent-in-charge for the Department of Transportation Office of Inspector General.