A Florida businessman has been ordered to pay roughly $1 million and spend over a year in prison for defrauding the Export-Import Bank of the United States.

Emilio Michel, 55, was the owner of Sea Star Boat Corp., a boat manufacturing company "that ostensibly sold and exported small boats to buyers in foreign countries," according to a Thursday press release from the Office of Inspector General for the Export-Import Bank.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.