PROVIDENCE, RI (AP) – A Massachusetts man who was among nine people charged with conspiring to defraud multiple credit unions through fraudulent auto loans has pleaded guilty, federal prosecutors have said.
Hiancarlos Mosquea-Ramos, 28, of Lawrence, Massachusetts, pleaded guilty on Tuesday to a bank fraud conspiracy, according to a statement from the U.S. Attorney’s Office in Rhode Island.
Mosquea-Ramos used his own credentials as well as forged tax returns, purchase and sale contracts and motor vehicle titles to obtain fraudulent loans, prosecutors said.
He also posed as the seller of various used cars using fake buy and sell contracts and counterfeit auto titles prepared by an accomplice, prosecutors said.
In total, various financial institutions have approved a total of over $ 275,200 in used car loans in Mosquea-Ramos. The funds were quickly withdrawn and distributed among the participants in the plot.
Scammed financial institutions include 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, Prosectors said.
Sentencing was scheduled for June 1.
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