Grimy Times has uncovered a massive car loan scheme in which four individuals defrauded financial institutions out of millions of dollars in loan money.
According to a complaint unsealed in Manhattan federal court, Julio Alvarez, 47, of Fort Lee, New Jersey, and his associates Christoper Campos, 39, also of Fort Lee, New Jersey, Marco Blasio and Geuris Ramos orchestrated a scheme to obtain new automobiles that they intended to lease to livery cab drivers.
The scheme involved enlisting and aiding individuals with good credit histories, known as straw buyers, to submit fraudulent car loan applications to numerous lenders. The auto loan applications submitted by the straw buyers falsely represented that the vehicles would be used for the buyers’ personal use, rather than as part of the defendants’ leasing business.
In total, the scheme carried out by Alvarez, Campos, Blasio, and Ramos involved at least approximately 20 straw purchasers, the purchase of more than approximately 200 new vehicles, and more than $7,000,000 in fraudulently obtained loans from a variety of financial institutions. Most of the loans ultimately went into default.
Manhattan U.S. Attorney Preet Bharara stated: “As alleged, the defendants carried out a scheme to obtain millions of dollars in loans under false pretenses at the expense of financial institutions who were deceived into funding the purchase of more than 200 new vehicles. Thanks to the efforts of our partners at the FBI, these defendants will now be held to account for their criminal misconduct.”
FBI Assistant Director-in-Charge Diego Rodriguez added: “The charges announced today describe a scheme in which the defendants allegedly benefitted from fraudulently obtained car loans. The funding was used by the defendants and their co-conspirators to finance the purchase of more than 200 new automobiles. The cost of these loans, which ultimately went into default, will eventually be transferred to ordinary citizens seeking financial assistance. We take these crimes very seriously as we continue to seek out those who exploit the lending industry.”
Alvarez, Campos, Blasio, and Ramos were arrested this morning and will be presented later today before Magistrate Judge Kevin Nathaniel Fox.
Related Federal Cases
- Norman D’Souza Sentenced in $18M Loan Fraud Scheme · New Jersey
- Flight Attendants Busted in $8 Million Smuggling Scheme · New Jersey
- Alin Carabus Pleads Guilty in $5M ATM Skimming Scheme · New York
- Shawn Hilliard Gets 12 Years for $1.3M Bank Fraud Scheme · Pennsylvania
- Irfan Amanat Charged in $2M KITD, Maiden Capital Fraud Scheme · New Jersey
Key Facts
- State: New York
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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