PROVIDENCE, R.I..–A Massachusetts man has entered a guilty plea to charges he participated in a wide-ranging conspiracy to defraud financial institutions in several states, including Massachusetts credit unions.
Hiancarlos Mosquea-Ramos, 28, pleaded guilty in Providence federal court to participating as the seller or the buyer of used vehicles in schemes that defrauded seven Massachusetts-based credit unions, the Rhode Island U.S. attorney’s office said. Mosquea-Ramos was one of nine people indicted by a federal grand jury in July of 2020 for allegedly participating in the schemes.
According to prosecutors, the credit unions Mosquea-Ramos admitted to defrauding were 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.
Mosquea-Ramos admitted that he used his own personal identification information along with counterfeit earnings statements, fabricated automobile purchase and sales agreements, and counterfeit motor vehicle titles to obtain at least $92,000 in fraudulent loans to purchase fictitious cars, the U.S. attorney’s office said. A co-conspirator, Jonathan A. Pimental, 29, of Lawrence, was allegedly listed as the seller of the cars.
Mosquea-Ramos also admitted to posing as the seller of various used cars. Another co-conspirator, Rolando E. Estrella, 33, of Lawrence, allegedly prepared false purchase and sales agreements and counterfeit automobile titles naming Mosquea-Ramos as the seller of the vehicles, according to prosecutors.
More Than $275K In Loans
Financial institutions approved a total of more than $275,200 in used car loans, disbursing checks made payable to Mosquea-Ramos. The checks were quickly deposited, and the funds quickly withdrawn and divided among participants of the conspiracy, the statement said.
Mosquea-Ramos pleaded guilty to conspiracy to commit bank fraud and is scheduled to be sentenced on June 1.