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$2.4 Million Fraud Scheme Leader Pleads Guilty
PROVIDENCE, R.I. – A Massachusetts used car dealer has been brought to justice after admitting to leading a wide-ranging conspiracy to defraud financial institutions of more than $2.4 million dollars.
Rolando E. Estrella, 32, of Dracut, Mass., the former owner of a used car dealership in Lawrence, MA, pleaded guilty to conspiracy to commit bank fraud, seven counts of bank fraud, and fraudulent use of a Social Security number.
The scheme, which operated throughout the northeast, involved stealing personal identifying information of others and using fraudulent documents to obtain car loans. Estrella and his confederates then used this information to apply for and receive used car and truck loans, depositing the loan funds into bank accounts opened by members of the conspiracy.
Estrella and his co-defendants intended to defraud financial institutions of $2,419,054, according to information presented to the court. The investigation into the fraud ring was conducted by the Social Security Office of Inspector General and the United States Secret Service.
Four others charged in this matter have pleaded guilty and are awaiting sentencing. The remaining four defendants are awaiting trial. The cases are being prosecuted by Assistant U.S. Attorney William J. Ferland.
Estrella is scheduled to be sentenced on January 20, 2022, after appearing before U.S. District Court Chief Judge John J. McConnell, Jr. A defendant is presumed innocent unless and until proven guilty.
The massive scheme has left financial institutions reeling, with the potential for widespread financial loss. As the investigation continues, it remains to be seen how far-reaching the impact of this scheme will be.
Key Facts
- State: Rhode Island
- Category: White Collar Crime|Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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