Doral Man Guilty of $3.6 Million Auto Lending Fraud

Alejandro Soto was convicted on one count of conspiracy to commit wire fraud and three counts of wire fraud for orchestrating an auto loan fraud scheme that defrauded lenders out of more than $3.6 million.

Soto, and his co-conspirators, recruited straw buyers with good credit to purchase vehicles to rent on the car sharing platform, Turo.com. The rentals were to be arranged through Soto’s company, Venom Luxury Rentals Corp. The buyers were told that a car generated between $5,000-$8,000 per month from rentals, and Soto promised buyers a 50/50 split of any profits. Soto allegedly claimed that he would be responsible for making all the loan and insurance payments, as well as any other expenses associated with maintaining the vehicles. It was also alleged that Soto, along with his co-conspirators, advised the buyers that it was legal for them to use their credit to buy the vehicles being put out for rent through their dealership.

Approximately 16 straw buyers were recruited, who purchased 90 vehicles for $3.6 million, and after renting the vehicles on Turo.com, the group earned approximately $600,000 in revenue. Some loan payments were made and then stopped, which resulted in lenders reaching out to straw buyers for payments. The straw buyers did not make any money, as promised by Soto, and in fact many incurred towing and toll fees, and some were even forced to file for bankruptcy.

The case was investigated by the OFR, the Federal Bureau of Investigation, and the U.S. Attorney’s Office for the Southern District of Florida. The U.S. Attorney’s Office for the Southern District of Florida prosecuted the case.