A 59-year-old Kenyan man was sentenced to 11 years and three months in jail for bank fraud in the USA.
According to a statement by the US Department of Justice, Paul Maucha was accused of planning to defraud consumers through a loan-based firm he owned called American Eagle Services Group Inc (AESG).
The accused allegedly offered loans to his clients in exchange for an advance fee. Furthermore, Maucha promised to reimburse the money if the firm did not produce funds.
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The prosecution demonstrated in court that the 59-year-old and his accomplice knew his firm did not have the capital to fund these loans when executing the agreement.
They further stated that Maucha and his accomplice split the advanced money amongst themselves, excluding the clients because no refunds were sent.
On February 1, 2024, Maucha was convicted of conspiracy to conduct wire fraud, two counts of wire fraud, and one count of participating in monetary transactions.
The Federal Bureau of Investigation (FBI) and Homeland Security Investigations (HSI) led the investigations. Conspiracy and wire fraud offenses have a maximum sentence of 20 years.
