MA Man Sentenced For Defrauding Financial Institutions In Rhode Island

PROVIDENCE, RI — A former Massachusetts used car dealer who led a conspiracy to defraud financial institutions in Rhode Island and other state out of millions of dollars was sentenced to five years in federal prison.

Rolando Estrella, 35, of Dracut, Massachusetts, the former owner of a used car dealership in Lawrence, Massachusetts, admitted to a federal judge in Providence that he recruited, employed, and directed others to file fraudulent used car loan applications using stolen personal information and falsified documents. Once the loans were issued by financial institutions, the proceeds were deposited into bank accounts controlled by members of the conspiracy and the proceeds were then quickly withdrawn in cash.

According to prosecutors, Estrella and his co-defendants intended to defraud financial institutions out of more than $2.8 million.

Estrella 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.

Following Estrella's prison sentence, he must serve three years of federal probation. He was also ordered to pay more than $2.8 million in restitution.

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