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A New Mexico federal judge sentenced an Albuquerque man last month to more than five years in prison for his role in a scheme that stole more than $1.3 million in auto loans from seven credit unions and three banks.
Rick Benavidez, 47, pleaded guilty in May to two counts of conspiracy to commit bank fraud and one count of submitting fraudulent IRS tax returns, according to federal prosecutors at the U.S. Attorney's office for the district of New Mexico in Albuquerque.
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Benavidez conspired with Damian Maron, and another man in 2013 to submit fraudulent documentation, including fake pay stubs, to the $3.5 billion Sandia Laboratory Federal Credit Union in Albuquerque and the $3.8 billion Nusenda Federal Credit Union in Albuquerque to obtain car loans. The loan applications at both credit unions used the title for the same car, a 2007 Mercedes S Class, which was not for sale and which none of the men had any intention of purchasing. The loan funds, which amounted to $359,662, were disbursed to "Automotive Express Inc.," a phony car dealership. The conspirators split the money and the loans went into default, federal prosecutor said.
What's more, Benavidez also admitted in court documents to another car loan fraud scheme with Willie Lee Edwards, in which Benavidez said they stole $999,993 in 2018 from five other credit unions and three banks. Those financial institutions included the $1 billion Del Norte Credit Union in Santa Fe, the $159 billion Navy Federal Credit Union in Vienna, Va., the $14.7 billion Mountain America Credit Union in Sandy, Utah, the $1 billion Sandia Area Federal Credit Union in Albuquerque, the $851 million First Financial Credit Union in Albuquerque, Eaglemark Savings Bank in Carson City, Nev., State Farm Bank in Bloomington, Ill., and New Mexico Bank and Trust in Albuquerque.
Maron is scheduled for sentencing in October. Edwards is currently listed as an FBI fugitive.
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Peter Strozniak
Credit Union Times reporter covering credit union operations, fraud, M&As, leagues, business continuity, and breaking news.
