PROVIDENCE – A former Massachusetts used car dealer was sentenced to five years in federal prison for leading a scheme that defrauded financial institutions out of more than $2.8 million, U.S. Attorney for Rhode Island Zachary A. Cunha announced Tuesday.
Rolando E. Estrella, 35, of Dracut, Mass., pleaded guilty on Oct. 1, 2022, to conspiracy to commit bank fraud, seven counts of bank fraud, and one count of fraudulent use of a Social Security number.
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Estrella, the former owner of a used car dealership in Lawrence, Mass., admitted to a federal judge in Providence that he recruited, employed and directed others to file fraudulent used car loan applications using stolen personal identifying information and fraudulent documents. Once the financial institutions issued the loans, the proceeds were deposited into bank accounts controlled by members of the conspiracy and were quickly withdrawn in cash.
Estrella was sentenced to 60 months in federal prison, followed by three years of federal supervised release. He was also ordered to pay restitution to financial institutions totaling more than $2.8 million.
