PROVIDENCE, RI – A Massachusetts used car dealer admitted before a federal court judge in Providence, RI, that he carried out a large conspiracy to defraud financial institutions in more than 2.4 states millions of dollars in obtaining and attempting to obtain auto loans using stolen personal identification information of others and fraudulent documents, announced the Interim United States Attorney Richard B. Myrus.
Rolando E. Estrella, 32, of Dracut, Mass., The former owner of a used car dealership in Lawrence, MA, admitted in court that he recruited, employed, advised and ordered to d ” Others file fraudulent used car loan applications, open bank accounts, deposit fraudulently obtained used car loan checks, and make cash withdrawals of fraudulently obtained funds.
Estrella is one of nine people named in an indictment released in February 2020, and then in a replacement indictment, according to which Estrella and others working under her leadership opened bank accounts with major banks and small credit unions using the personal identification information of other people. Estrella and her accomplices then used this information, along with forged car titles and other forged documents, notably 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.
According to information presented to the court, Estrella and his co-defendants intended to defraud financial institutions of $ 2,419,054.
Appearing before U.S. District Court Chief Justice John J. McConnell, Jr. on Friday, Estrella pleaded guilty to conspiracy to commit bank fraud, seven counts of bank fraud and fraudulent use of a telephone number. social Security. He is expected to be sentenced on January 20, 2022.
Besides Estrella, four other people indicted in this case have pleaded guilty and are awaiting sentencing. The remaining four defendants are awaiting trial.
The cases are being pursued by Assistant US Attorney William J. Ferland.
The investigation into this fraud ring that operated throughout the Northeast was conducted by the Inspector General’s Office of Social Security and the United States Secret Service.
An accused is presumed innocent until proven guilty.