American nabbed for $18-million bank fraud

MANILA, Philippines - A 40-year-old chief operating officer of an American computer firm, wanted in the United States for allegedly defrauding a bank of more than $18 million, was recently arrested upon his arrival at the Ninoy Aquino International Airport (NAIA).

Bureau of Immigration (BI) Commissioner Marcelino Libanan said in a statement that their agents arrested Kevin Mitchel Gore minutes after he flew in from Hong Kong on board Philippine Airlines.

The US embassy tipped the BI about Gore’s arrival, prompting Libanan to issue a mission order against him. The US government also cancelled his passport.

BI spokesman lawyer Floro Balato Jr. said Gore, who was chief operating officer of the Computer World Solutions, based in Wheeling, Illinois, was to stand trial before a US district court in Illinois where he was charged with bank fraud. He has been on the wanted list of the Federal Bureau of Investigation (FBI) since October last year.

The American fugitive allegedly conspired with his Taiwanese business partner, Noel Yuan, in reporting inflated accounts receivable to the Fifth Third Bank that enabled them to draw millions of dollars on their credit line with the bank.

Just before their illegal operation was exposed, the two men left the US in 2007 and their company became bankrupt, causing the bank to incur losses of more $18 million, most of which could not be accounted for as the money was sent overseas.

Yuan was arrested in Chicago last August and he told investigators he and Gore traveled to China and he used his share of the money to invest in the solar power industry business.

It was reportedly Yuan who squealed to the FBI about Gore having a business in China and his frequent travels to the Philippines. Last Feb. 26, Gore returned to Manila but this time, the BI agents were ready to arrest him.

Gore is currently imprisoned at the BI detention facility.