Wide-Ranging Credit-Union Fraud Conspiracy Yields Guilty Plea

A Massachusetts man pleaded guilty in the U.S. District Court in Providence, RI for his role in a wide-ranging conspiracy to defraud banks and credit unions across several states.

Hiancarlos Mosquea-Ramos admitted to participating in scams involving used cars and bank loans. He used his personal identification information (PII) along with forged income statements, fake automobile purchase/sales agreements and counterfeit automobile titles to obtain at least $92,000 in fraudulent loans.

In addition to the false purchase scam, Mosquea-Ramos admitted to being on the ‘seller” side of the scams as well. One of his alleged co-conspirators, Rolando Estrella, is alleged to have created fake purchase/sales agreements with and counterfeit automobile titles to obtain over $275,000 in fraudulent used car loans.

Institutions affected 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.

The illicit funds were, allegedly, made payable to Mosquea-Ramos, deposited in an account then quickly withdrawn to be divided amongst the participants of the conspiracy.

Had these banking institutions/Credit Unions implemented the ToolCASE suite of anti-fraud products, this scam may have been caught much sooner, potentially saving these institutions hundreds of thousands of dollars in fraudulent loans.