Massachusetts newspaper The Eagle Tribune reported that the owner of a used car dealership in Providence, RI, has pleaded guilty to federal charges of defrauding banks on millions of loans. Approximately $ 2,419,054 in loans had been taken out with the fraudulent information.
According to the case pursued by Rhode Island district attorney, Rolando E. Estrella and nine other dealership employees used customer information to file bogus car loan applications, sort of get approval for them, and then withdraw the money from bank accounts that were opened with them. same information.
According to the statement, Estrella and “her accomplices” then used this information, along with forged car titles and other forged documents, to apply for and receive loans for used cars and trucks. The loan funds were deposited into bank accounts opened by members of the conspiracy with the supposed names of “vendors”. Members of the conspiracy quickly withdrew the funds from the banks in the form of cash, authorities said.
To receive the loans, bogus car dealerships were set up by Estrella and his crooks so that the banks then give loans to these “dealers” for these bogus vehicles.
As part of the scheme, the conspirators falsely identified the complicit bank account holders as “sellers” and fake used car businesses created by members of the conspiracy to trick lenders into granting loans allegedly to buy cars. second hand.
Estrella not only filed false documents, he also created them. Everything necessary for a loan approval has been rigged. Pay stubs, vehicle titles, registration documents and proof of employment. After being arrested and charged in December 2019, then investigated by the Inspector General and the secret services in an investigation which concluded in early 2020, a grand jury indicted Estrella with ten counts, including fraudulent use of a social security number, identity theft, and conspiracy to commit bank fraud, among others.
Estrella is expected to be sentenced in January 2022. Three of the nine workers at the dealerships still have arrest warrants against them. While we were capture, it is not known whether the other two were captured or not.