Providence, RI – January 11, 2022 – Fernando Diaz, 34, pleaded guilty in the U.S. District Court in Providence to conspiracy to commit bank fraud. Diaz is the sixth person tied to a multi-state scheme that defraud numerous credit unions and banks for more than $2.4 million dollars. Amongst the victims were Merrimack Valley Credit Union, Sharon Credit Union, Digital Federal Credit Union, Metro Credit Union, Direct Federal Credit Union, RTN Credit Union, and Workers Credit Union.
Diaz admitted that in December 2017, he used the stolen identity of a Connecticut resident to apply for and obtain a $50,000 personal loan from an online finance company. The proceeds were deposited into a TD Bank account opened with the use of the same stolen identity. Diaz and others withdrew the funds from the TD Bank account.
Additionally, Diaz admitted that in June 2019, he filed online applications for used car loans in the amounts of $35,000, $35,574, and $36,000, each time falsely representing that he sought to purchase a 2016 Porsche Cayenne. Each application was accompanied by counterfeit documents created by one or more members of the conspiracy, including a fraudulent Massachusetts Automobile Title and a fraudulent bill of sale.
Diaz becomes the sixth person convicted in U.S. District Court in Providence for their roles in the scheme. Among the defendants awaiting sentencing is a Massachusetts used car dealer, Roland E. Estrella, 33, of Dracut, MA., who admitted to being the leader of the conspiracy.
Diaz is the sixth person convicted, including Roland E. Estrella, 33, the admitted ringleader. At least eight other people were named in the indictment.
Estrella, who previously ran a used car dealership called Estrella National Auto LLC, in Lawrence, Massachusetts, was previously arraigned in 2020 and pleaded guilty in October.
He was charged with participating in a conspiracy scheme defrauding financial institutions in several states through stolen identities and fraudulent documents.
Estrella was first charged in December of 2019 as part of this ongoing investigation. A federal grand jury charged him with ten counts of conspiracy to commit bank fraud, aggravated identity theft, use of Social Security numbers and seven counts of bank fraud.
Also admitting guilt, was Hiancarlos Mosquea-Ramos, 28. Mosquea-Ramos admitted that by using his own personal identification information along with counterfeit earnings statements, fabricated automobile purchase and sales agreements, and counterfeit motor vehicle titles, he obtained at least $92,000 in fraudulent loans to purchase fictitious cars.
A co-conspirator, Jonathan A. Pimental, 29, of Lawrence, MA, was allegedly listed as the seller of the cars. Pimental is awaiting trial on a charge of conspiracy to commit bank fraud.
Additionally, Mosquea-Ramos admitted that he posed as the seller of various used cars. It is alleged co-conspirator Rolando E. Estrella, 33, of Lawrence, MA, prepared false purchase and sales agreements and counterfeit automobile titles naming Mosquea-Ramos as the seller of the vehicles.
Financial institutions approved a total of more than $275,200 in used car loans, disbursing checks made payable to Mosquea Ramos. The checks were quickly deposited and the funds quickly withdrawn and divided among participants of the conspiracy.
Hiancarlos Mosquea-Ramos pleaded guilty on March 3, 2021.
According to a statement released by Acting U.S. Attorney Richard Myrus, Estrella admitted he recruited others to file fake used car loan applications, open bank accounts under stolen identities to withdraw and deposit money.
Diaz’s sentence is scheduled for April 5, while Estrella’s is scheduled for March 24.
The case is being prosecuted by Assistant U.S. Attorney William J. Ferland.
The investigation into the fraud ring which operated throughout the northeast was conducted by the Social Security Office of Inspector General and the United States Secret Service.
Source: Department of Justice
Sixth defendant admits to role credit union auto loan fraud ring – Fraud – Department of Justice
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