Five Individuals Arrested in Puerto Rico for Bank Fraud

SAN JUAN, P.R. – On October 5, 2016, a Federal grand jury returned a nineteen count indictment against five individuals for conspiracy to commit bank fraud, bank fraud, unlawful transfer, possession, and use of means of identification during and in relation to an enumerated felony, and access device fraud, announced Rosa Emilia Rodríguez-Vélez, United States Attorney for the Dis-
trict of Puerto Rico. The investigation was led by the United States Secret Service.

The indictment alleges that from on or about May, 2012, through on or about March, 2015, Frankie Ortiz-Jaime, Wilfredo Reyes-Hiche, Cesar Quiles-Perez, Linda Rivera-Ortiz and Javier Torres-Garay knowingly and willfully combined, conspired and agreed with each other, to execute a scheme and artifice to defraud and to obtain money from Banco Popular de Puerto Rico, First Bank, and Oriental Bank which are federally insured financial institutions and to obtain monies and funds owned by and under the custody and control of the financial institutions.

As part of the conspiracy the defendants conspired to engage in deceptive conduct designed to fraudulently obtain monies and credit from federally insured financial institutions for the purchase of goods and the distribution of monies to the members of the conspiracy. The indictment alleges that the defendants would contact Telebanco Popular to request loans using the name and personal identification information of a recruit and proceed to provide false employment and income information. The recruits, aided and abetted by the other members of the conspiracy, would submit false documentation regarding employment and income in order to obtain loans, lines of credit, and credit cards from the financial institutions.

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The indictment includes a forfeiture allegation of any property, constituting, or derived from, proceeds obtained, directly or indirectly, as a result of the violations such as U.S. Currency totaling $285, 270, and three vehicles.

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