WOODLAND HILLS : Man Charged With Defrauding Bank
A Woodland Hills man has been charged with four counts of bank fraud for allegedly making false financial statements to obtain a business loan, a U. S. attorney said Thursday. Angel Francisco Santos, 41, the former owner of the now-bankrupt Latin Foods International of Los Angeles, was charged with defrauding City National Bank in Los Angeles of $1.5 million between August, 1991, and February, 1992, Assistant U. S. Atty. Jody Tabner Thayer said.
Santos allegedly obtained an accounts receivable loan agreement with the bank after submitting false financial statements for the company, which distributed food from Central America, Thayer said. According to the charges, Santos used two separate sets of financial records and submitted fictitious invoices for sales Latin Foods never made.
Latin Foods filed for bankruptcy in March, 1993, after City National Bank began to suspect the company’s transactions and informed the Federal Bureau of Investigation, Thayer said.
If convicted, Santos faces a maximum penalty of 120 years in jail and a fine of $4 million. His arraignment is scheduled for Sept. 13 before a U. S. magistrate.
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