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San Fernando
Tuesday, Jun 6, 2023

Serv-Ease Owner Faces Jail Time

The owner of Serv-Ease, a Glendale-based office systems repair and sales company, has been convicted for taking part in a $1.3 million scheme to defraud the U.S. Export-Import Bank and First International Bank of Connecticut. Carlos Serrano, 63, was found guilty of bank fraud and conspiracy to commit bank fraud. Sentencing is scheduled to take place Jan. 26. Serrano faces a maximum of 35 years in prison. According to trial testimony, Serrano made false statements to the banks that he had purchased goods from a Philippine manufacturer and shipped them to a buyer. The bank gave him a loan to cover the cost of the goods. From the $1.1 million in loan proceeds, Serrano kept $28,000 for himself, sent $949,000 to a co-conspirator, and the remaining $160,000 to a company in Singapore. Serrano’s involvement was uncovered as part of a nationwide investigation into a scheme that netted $80 million. Seven others have been convicted for their roles in the operation, with six currently serving sentences ranging from 41 months to six months and sentencing pending on the seventh.

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