Comfort man pleads guilty to bank fraud

A Comfort man pleaded guilty Thursday to charges that he helped a San Antonio businessman pull off one of the biggest frauds ever committed on the government run Export-Import Bank, which backs risky loans to stimulate U.S. trade. As part of a pre-indictment plea deal, Victor Fernando Garate, owner of exporter Ductor Inc. in Comfort, pleaded guilty to one count of wire fraud and a separate charge of money laundering in a hearing before U.S. District Judge Fred Biery. Court documents show Garate helped Andrew Maxwell Parker, who is serving nearly 10 years in prison for bilking at least $10 million from the bank, which was Parker's take of more than $107 million in bad loans between 2003 and 2006. Posted in: Internal Fraud