Auto loan program scams 17 UAs in six states
A Massachusetts man is set to be sentenced in June for his role in a nine-person auto loan fraud ring that victimized 17 credit unions in six states and five banks, according to the U.S. Attorney’s Office in Providence, RI.
Hiancarlos Mosquea-Ramos, 28, admitted in March in U.S. District Court in Providence that he was involved in schemes as a seller or buyer of used vehicles that did not exist.
A plea deal reached between Mosquea-Ramos and prosecutors has been placed under seal and is not open to public inspection. He pleaded guilty to one count of conspiracy to commit bank fraud in federal court last month.
However, according to a prepared statement released by federal prosecutors, Mosquea-Ramos admitted that he impersonated the seller of various used cars by conspiring with Rolando E. Estrella, 33, a car dealer in the United States. occasion of Lawrence, Mass., who allegedly prepared forged purchase and sale contracts and counterfeit automobile titles designating Mosquea-Ramos as the seller of the bogus vehicles.
Financial institutions have approved more than $ 275,200 in used car loans, with checks made payable to Mosquea-Ramos. The checks were quickly deposited, withdrawn and distributed among the participants in the conspiracy.
Estrella is awaiting trial on multiple counts of conspiracy to commit bank fraud, bank fraud, aggravated identity theft and fraudulent use of a social security number. He pleaded not guilty to all counts.
Further, Mosquea-Ramos admitted that by using his own personal identifying information as well as forged tax returns, contracts for the purchase and sale of manufactured automobiles and counterfeit motor vehicle titles, he has obtained at least $ 92,000 in fraudulent loans to buy fictitious cars. Co-conspirator Jonathan A. Pimental, 29, of Lawrence, Mass., Was reportedly listed as the seller of the cars. He has pleaded not guilty to one count of conspiracy to commit bank fraud and is awaiting trial.
Federal prosecutors said Mosquea-Ramos defrauded seven credit unions across Massachusetts, including the $ 1.2 billion Merrimack Valley credit union in Lawrence, the $ 1.2 billion SCU credit union in Sharon, the $ 10 billion digital federal credit union in Marlborough, the $ 2.4 billion Metro Credit Union in Chelsea. , the $ 755 million Direct Federal Credit Union in Needham, the $ 1 billion RTN Credit Union in Waltham, and the $ 1.9 billion Workers Credit Union in Littleton.
Other credit unions that were swindled by the used car loan fraud ring included the $ 10.8 billion Bethpage Federal Credit Union in Bethpage, NY, the Alliant Credit, according to court documents. The $ 13.5 billion Union in Chicago, the $ 26.7 billion Pentagon Federal Credit Union in McLean, Va., The $ 2.1 billion American Eagle Financial Credit Union in East Hartford, Connecticut, the $ 949 million Sikorsky Credit Union in Stratford, Connecticut, $ 648 million Greenwood Credit Union in Warwick, RI, $ 1.6 billion Jeanne D’Arc Credit Union in Lowell, Mass., Co-operative of $ 1.2 billion Webster First credit in Worcester, Mass., the $ 702 million Liberty Bay Credit Union in Braintree, Mass., and the $ 826 million Triangle Credit Union in Nashua, NH
TD Bank, Bank of America, KeyBank, Santander Bank and Enterprise Bank were also victims, according to court documents.
Five other co-conspirators – Juan E. Felix-Fernandez, Emilio J. Fria-Reyes, Erikson M. Ventura-Martinez, Robert L Diaz-Mendez and Bryant Polanco – also pleaded not guilty to one count of conspiracy to commit bank fraud and are awaiting judgment. Another co-conspirator, Fernando Diaz, has yet to plead for one count of conspiracy to commit bank fraud, court records show.