A Venezuelan factoring company claims in a civil lawsuit that it was defrauded out of $8.6 million in an alleged currency exchange scheme involving several parties in Latin America, the Caribbean and Miami.
All Factoring de Venezuela C.A. had Venezuelan clients that needed to convert bolivars to U.S. dollars like many companies in the Latin America country to pay for supplies purchased abroad. A factoring company sells its accounts receivable to a third party at a discount.
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