The former president of a computing company pleaded guilty yesterday to his role in a US$170 million scheme to defraud the Florida branch of Espirito Santo Bank of Portugal, according to the US Attorney's Office.
Howard Cantor, also the former owner and director of StrataSys Corporation (SAS), pleaded guilty to bank fraud and conspiracy. He also agreed to help seek restitution for the victims.
Cantor could face a maximum of 35 years in prison and be fined US$1 million at a hearing scheduled for 7 October.
E.S. Bankest was a joint venture between Miami's Espirito Santo Bank of Florida and two brothers -Eduardo and Hector Orlansky of Key Biscayne, Florida -that specialised in factoring.
The joint venture paid for its purchases with loans from Espirito Santo, which raised the money by selling debt to its clients.
Cantor admitted that he prepared hundreds of false invoices for the Bankest defendants totalling millions of dollars.
