Doral Man Sentenced to Prison for $3.6 Million Auto Lending Scheme

Alejandro Soto was sentenced to 99 months in federal prison and three years of supervised release for his role in orchestrating an auto loan fraud scheme that defrauded lenders out of more than $3.6 million. Following a jury trial, Soto was found guilty of one count of conspiracy to commit wire fraud and three counts of wire fraud.

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 arranged through Soto’s company, Venom Luxury Rentals Corporation. Soto and his co-conspirators submitted fraudulent loan applications to several financial institutions to obtain credit for the straw buyers. The buyers were told that a car generated between $5,000-$8,000 a month from rentals and were promised a 50/50 split of any profits made. Soto also claimed he would be responsible for making all the loan and insurance payments, plus handling all the associated maintenance expenses. The buyers were also advised, by Soto and his co-conspirators, that it was legal for them to use their credit to buy the vehicles that were being put out for rent through the platform.

Approximately 16 straw buyers were recruited, who purchased 90 vehicles for around $3.6 million. After renting the vehicles through Turo.com, approximately $600,000 was earned in revenue. Some loan payments were made and then stopped, causing lenders to contact the straw buyers for payments. The straw buyers did not make any money, as promised by Soto, and many ended up having to pay towing and toll fees, some were even forced to file for bankruptcy.

This investigation was developed jointly by the OFR, the Federal Bureau of Investigation, and the United States Attorney’s Office.