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Adam Doost of Equity Capital Mining LLC convicted of defrauding U.S. government

September 24, 2018

The owner of a now-defunct marble mining company in Afghanistan was found guilty Monday on charges of defrauding the U.S. Government and defaulting on a nearly $16 million loan, the Justice Department said.

Adam Doost, 39, was found guilty of three counts of major fraud against the United States, eight counts of wire fraud, four counts of false statements on loan applications or extensions and five counts of money laundering, according to the Justice Department.

He is scheduled to be sentenced on December 14 by a federal judge in Washington, D.C.

Mr. Doost, who owned Equity Capital Mining LLC, obtained a $15.8 million loan from the Overseas Private Investment Corporation, a government agency. The loan was for the development and operation of a marble mine in western Afghanistan.

Prosecutors say that Mr. Doost insisted transferred money from the loan to personal accounts, then claimed he did not have enough money to make the payments. Eventually, he defaulted on the loan, according to court documents.

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