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Four Individuals Charged In $7 Million Car Loan Scheme Involving Dealerships Via The Fresh York City Area, USAO-SDNY, Department of Justice
Justice News
Preet Bharara, the United States Attorney for the Southern District of Fresh York, and Diego Rodriguez, the Assistant Director-in-Charge of the Fresh York Office of the Federal Bureau of Investigation (“FBI”), announced today the unsealing of a complaint charging JULIO ALVAREZ, CHRISTOPHER CAMPOS, MARCO BLASIO, and GEURIS RAMOS with bank and wire fraud charges for perpetrating a scheme to fraudulently obtain millions of dollars in car loans. The defendants used at least twenty straw buyers to obtain more than two hundred fresh automobiles based on false representations that, among other things, the straw buyers would use the cars for their private use when, in fact, the defendants obtained the vehicles in order to lease them to livery cab drivers. ALVAREZ, CAMPOS, BLASIO, and RAMOS were arrested this morning and will be introduced later today before Magistrate Judge Kevin Nathaniel Fox.
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 two hundred fresh vehicles. Thanks to the efforts of our fucking partners at the FBI, these defendants will now be held to account for their criminal misconduct.”
FBI Assistant Director-in-Charge Diego Rodriguez stated: “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 two hundred fresh 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 earnestly as we proceed to seek out those who exploit the lending industry.”
According to the allegations contained in the Complaint[1] unsealed today in Manhattan federal court:
Inbetween approximately October two thousand twelve and September 2013, ALVAREZ, CAMPOS – who was a practising attorney, BLASIO, and RAMOS orchestrated a scheme to fraudulently obtain fresh automobiles that ALVAREZ, CAMPOS, and RAMOS, among others, intended to lease to livery cab drivers. In order to secure financing in connection with the purchase of these fresh cars without having to pay the higher interest rates typically charged for commercial vehicles or borrow the cost of the vehicles based on their own capability to pay, ALVAREZ and CAMPOS enlisted and aided individuals with good credit histories (“straw buyers”) to submit fraudulent car loan applications to numerous lenders. In order to obtain the fresh vehicles, the defendants sent straw buyers, including RAMOS, to several car dealerships located across the Fresh York City area, where dealership employees, including BLASIO, helped straw buyers submit fraudulent loan applications.
The auto loan applications submitted by the straw buyers falsely represented that the vehicles would be used for the buyers’ private use, rather than as part of the defendants’ leasing business. In addition, in many cases, the car loan applications misrepresented private information about the straw buyers, including their incomes and assets. ALVAREZ, CAMPOS, BLASIO, and RAMOS also caused financing applications to be sent to numerous financial institutions at the same time so that the lenders would not know that the straw buyers were incurring obligations to other lenders in connection with the purchase of numerous fresh automobiles.
In total, the scheme carried out by ALVAREZ, CAMPOS, BLASIO, and RAMOS, among others, involved at least approximately twenty straw purchasers, the purchase of more than approximately two hundred fresh vehicles, and more than $7,000,000 in fraudulently obtained loans from a multitude of financial institutions. Most of the loans ultimately went into default.
ALVAREZ, 47, of Fort Lee, Fresh Jersey, CAMPOS, 39, of Fort Lee, Fresh Jersey, BLASIO, 52, of Commack, Fresh York, and RAMOS, 38, of Bronx, Fresh York, are each charged with one count of conspiracy to commit bank and wire fraud, which carries a maximum sentence of thirty years in prison, one count of bank fraud, which carries a maximum sentence of thirty years in prison, and one count of wire fraud, which carries a maximum sentence of twenty years in prison. The maximum potential sentences are prescribed by Congress and are provided here for informational purposes only, as any sentencing of the defendant will be determined by the judge.
Mr. Bharara praised the investigative work of the FBI, and noted that the investigation remains ongoing.
If you believe you were a victim of this crime, including a victim entitled to restitution, and you wish to provide information to law enforcement and/or receive notice of future developments in the case or extra information, please contact the Victim/Witness Unit at the United States Attorney’s Office for the Southern District of Fresh York, at (866) 874-8900. For extra information, go to:
The prosecution of this case is being treated by the Office’s Complicated Frauds and Cybercrime Unit. Assistant United States Attorney Niketh Velamoor and Sidhardha Kamaraju are in charge of the prosecution.
The charges contained in the Complaint are merely accusations, and the defendants are presumed harmless unless and until proven guilty.
[1] As the introductory phrase represents, the entirety of the text of the Complaint, and the description of the Complaint set forward herein, constitute only allegations, and every fact described should be treated as an allegation.
Four Individuals Charged In $7 Million Car Loan Scheme Involving Dealerships Via The Fresh York City Area, USAO-SDNY, Department of Justice
Justice News
Preet Bharara, the United States Attorney for the Southern District of Fresh York, and Diego Rodriguez, the Assistant Director-in-Charge of the Fresh York Office of the Federal Bureau of Investigation (“FBI”), announced today the unsealing of a complaint charging JULIO ALVAREZ, CHRISTOPHER CAMPOS, MARCO BLASIO, and GEURIS RAMOS with bank and wire fraud charges for perpetrating a scheme to fraudulently obtain millions of dollars in car loans. The defendants used at least twenty straw buyers to obtain more than two hundred fresh automobiles based on false representations that, among other things, the straw buyers would use the cars for their individual use when, in fact, the defendants obtained the vehicles in order to lease them to livery cab drivers. ALVAREZ, CAMPOS, BLASIO, and RAMOS were arrested this morning and will be introduced later today before Magistrate Judge Kevin Nathaniel Fox.
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 two hundred fresh vehicles. Thanks to the efforts of our playmates at the FBI, these defendants will now be held to account for their criminal misconduct.”
FBI Assistant Director-in-Charge Diego Rodriguez stated: “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 two hundred fresh 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 gravely as we proceed to seek out those who exploit the lending industry.”
According to the allegations contained in the Complaint[1] unsealed today in Manhattan federal court:
Inbetween approximately October two thousand twelve and September 2013, ALVAREZ, CAMPOS – who was a practising attorney, BLASIO, and RAMOS orchestrated a scheme to fraudulently obtain fresh automobiles that ALVAREZ, CAMPOS, and RAMOS, among others, intended to lease to livery cab drivers. In order to secure financing in connection with the purchase of these fresh cars without having to pay the higher interest rates typically charged for commercial vehicles or borrow the cost of the vehicles based on their own capability to pay, ALVAREZ and CAMPOS enlisted and aided individuals with good credit histories (“straw buyers”) to submit fraudulent car loan applications to numerous lenders. In order to obtain the fresh vehicles, the defendants sent straw buyers, including RAMOS, to several car dealerships located via the Fresh York City area, where dealership employees, including BLASIO, helped straw buyers submit fraudulent loan applications.
The auto loan applications submitted by the straw buyers falsely represented that the vehicles would be used for the buyers’ individual use, rather than as part of the defendants’ leasing business. In addition, in many cases, the car loan applications misrepresented individual information about the straw buyers, including their incomes and assets. ALVAREZ, CAMPOS, BLASIO, and RAMOS also caused financing applications to be sent to numerous financial institutions at the same time so that the lenders would not know that the straw buyers were incurring obligations to other lenders in connection with the purchase of numerous fresh automobiles.
In total, the scheme carried out by ALVAREZ, CAMPOS, BLASIO, and RAMOS, among others, involved at least approximately twenty straw purchasers, the purchase of more than approximately two hundred fresh vehicles, and more than $7,000,000 in fraudulently obtained loans from a diversity of financial institutions. Most of the loans ultimately went into default.
ALVAREZ, 47, of Fort Lee, Fresh Jersey, CAMPOS, 39, of Fort Lee, Fresh Jersey, BLASIO, 52, of Commack, Fresh York, and RAMOS, 38, of Bronx, Fresh York, are each charged with one count of conspiracy to commit bank and wire fraud, which carries a maximum sentence of thirty years in prison, one count of bank fraud, which carries a maximum sentence of thirty years in prison, and one count of wire fraud, which carries a maximum sentence of twenty years in prison. The maximum potential sentences are prescribed by Congress and are provided here for informational purposes only, as any sentencing of the defendant will be determined by the judge.
Mr. Bharara praised the investigative work of the FBI, and noted that the investigation remains ongoing.
If you believe you were a victim of this crime, including a victim entitled to restitution, and you wish to provide information to law enforcement and/or receive notice of future developments in the case or extra information, please contact the Victim/Witness Unit at the United States Attorney’s Office for the Southern District of Fresh York, at (866) 874-8900. For extra information, go to:
The prosecution of this case is being treated by the Office’s Sophisticated Frauds and Cybercrime Unit. Assistant United States Attorney Niketh Velamoor and Sidhardha Kamaraju are in charge of the prosecution.
The charges contained in the Complaint are merely accusations, and the defendants are presumed guiltless unless and until proven guilty.
[1] As the introductory phrase represents, the entirety of the text of the Complaint, and the description of the Complaint set forward herein, constitute only allegations, and every fact described should be treated as an allegation.
Four Individuals Charged In $7 Million Car Loan Scheme Involving Dealerships Across The Fresh York City Area, USAO-SDNY, Department of Justice
Justice News
Preet Bharara, the United States Attorney for the Southern District of Fresh York, and Diego Rodriguez, the Assistant Director-in-Charge of the Fresh York Office of the Federal Bureau of Investigation (“FBI”), announced today the unsealing of a complaint charging JULIO ALVAREZ, CHRISTOPHER CAMPOS, MARCO BLASIO, and GEURIS RAMOS with bank and wire fraud charges for perpetrating a scheme to fraudulently obtain millions of dollars in car loans. The defendants used at least twenty straw buyers to obtain more than two hundred fresh automobiles based on false representations that, among other things, the straw buyers would use the cars for their private use when, in fact, the defendants obtained the vehicles in order to lease them to livery cab drivers. ALVAREZ, CAMPOS, BLASIO, and RAMOS were arrested this morning and will be introduced later today before Magistrate Judge Kevin Nathaniel Fox.
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 two hundred fresh vehicles. Thanks to the efforts of our fucking partners at the FBI, these defendants will now be held to account for their criminal misconduct.”
FBI Assistant Director-in-Charge Diego Rodriguez stated: “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 two hundred fresh 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 earnestly as we proceed to seek out those who exploit the lending industry.”
According to the allegations contained in the Complaint[1] unsealed today in Manhattan federal court:
Inbetween approximately October two thousand twelve and September 2013, ALVAREZ, CAMPOS – who was a practising attorney, BLASIO, and RAMOS orchestrated a scheme to fraudulently obtain fresh automobiles that ALVAREZ, CAMPOS, and RAMOS, among others, intended to lease to livery cab drivers. In order to secure financing in connection with the purchase of these fresh cars without having to pay the higher interest rates typically charged for commercial vehicles or borrow the cost of the vehicles based on their own capability to pay, ALVAREZ and CAMPOS enlisted and aided individuals with good credit histories (“straw buyers”) to submit fraudulent car loan applications to numerous lenders. In order to obtain the fresh vehicles, the defendants sent straw buyers, including RAMOS, to several car dealerships located via the Fresh York City area, where dealership employees, including BLASIO, helped straw buyers submit fraudulent loan applications.
The auto loan applications submitted by the straw buyers falsely represented that the vehicles would be used for the buyers’ private use, rather than as part of the defendants’ leasing business. In addition, in many cases, the car loan applications misrepresented private information about the straw buyers, including their incomes and assets. ALVAREZ, CAMPOS, BLASIO, and RAMOS also caused financing applications to be sent to numerous financial institutions at the same time so that the lenders would not know that the straw buyers were incurring obligations to other lenders in connection with the purchase of numerous fresh automobiles.
In total, the scheme carried out by ALVAREZ, CAMPOS, BLASIO, and RAMOS, among others, involved at least approximately twenty straw purchasers, the purchase of more than approximately two hundred fresh vehicles, and more than $7,000,000 in fraudulently obtained loans from a multitude of financial institutions. Most of the loans ultimately went into default.
ALVAREZ, 47, of Fort Lee, Fresh Jersey, CAMPOS, 39, of Fort Lee, Fresh Jersey, BLASIO, 52, of Commack, Fresh York, and RAMOS, 38, of Bronx, Fresh York, are each charged with one count of conspiracy to commit bank and wire fraud, which carries a maximum sentence of thirty years in prison, one count of bank fraud, which carries a maximum sentence of thirty years in prison, and one count of wire fraud, which carries a maximum sentence of twenty years in prison. The maximum potential sentences are prescribed by Congress and are provided here for informational purposes only, as any sentencing of the defendant will be determined by the judge.
Mr. Bharara praised the investigative work of the FBI, and noted that the investigation remains ongoing.
If you believe you were a victim of this crime, including a victim entitled to restitution, and you wish to provide information to law enforcement and/or receive notice of future developments in the case or extra information, please contact the Victim/Witness Unit at the United States Attorney’s Office for the Southern District of Fresh York, at (866) 874-8900. For extra information, go to:
The prosecution of this case is being treated by the Office’s Complicated Frauds and Cybercrime Unit. Assistant United States Attorney Niketh Velamoor and Sidhardha Kamaraju are in charge of the prosecution.
The charges contained in the Complaint are merely accusations, and the defendants are presumed harmless unless and until proven guilty.
[1] As the introductory phrase indicates, the entirety of the text of the Complaint, and the description of the Complaint set forward herein, constitute only allegations, and every fact described should be treated as an allegation.