Alamdar Hamdani U.S. Attorney | U.S. Attorney for the Southern District of Texas
A Houston man has pleaded guilty to laundering money from a significant bank fraud scheme, according to an announcement by U.S. Attorney Nicholas J. Ganjei.
Bun Khath, 43, admitted his involvement in a conspiracy from 2016 to 2021 that involved obtaining at least $40 million through fraudulent loans. Khath acknowledged his role in establishing shell companies and bank accounts to handle the illicit funds, which were then transferred to accounts controlled by other conspirators.
The fraudulent activities included submitting loan applications with false information and documents such as fake equipment sales invoices, income tax returns, and financial statements.
U.S. District Judge Keith Ellison is scheduled to sentence Khath on April 29. He faces a potential sentence of up to 10 years in federal prison and a fine of $250,000 or twice the amount involved in the transaction. Khath remains free on bond until the sentencing hearing.
Another individual implicated in the case, Hugo Villanueva, 70, is currently considered a fugitive with an outstanding arrest warrant. Authorities urge anyone with information regarding his location to contact the FBI at 713-693-5000.
The investigation was conducted by several agencies including the Federal Housing Finance Agency-Office of Inspector General (OIG), IRS-Criminal Investigation, FBI, and Federal Deposit Insurance Corporation-OIG. Assistant U.S. Attorney Belinda Beek is handling the prosecution.
