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Ronnie Bonner, a 64-year-old former auto salesman, will start his two-year federal prison sentence in May for running a fraudulent loan scheme that cost eight credit unions and one bank nearly $400,000, according to the U.S. Attorney’s office in Connecticut.
U.S. District Court Judge Stefan R. Underhill in Bridgeport also ordered Bonner of Bloomfield to three years of supervised release following his prison term and to pay $395,124 in restitution. He pleaded guilty to one felony count of financial institution fraud in April 2023 after he admitted to securing more than $646,000 in auto loans using falsified documents, fake dealerships and non-existent vehicles in 2014 and 2015.
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To obtain the 19 loans, Bonner claimed he was purchasing high-end vehicles from Florida-based dealerships, including Motorcars of Miami and Lauderdale Luxury Automotive. But investigators later discovered these were shell companies with no legitimate auto sales activity. In some cases, he recycled real vehicle identification numbers (VINs) from actual cars already registered to other individuals, then used the bogus paperwork to secure financing.
In addition to using his own name, he enlisted acquaintances to submit fraudulent applications on his behalf. According to court documents, Bonner used his own name for eight loan applications, while eight acquaintances submitted 11 loan applications. He also used his own shell company, Universal Auto Mall LLC, as a fictitious seller in several of the fraudulent transactions, according to court documents.
After the loan funds were disbursed, Bonner would make a few payments before defaulting.
He submitted 19 fraudulent loan applications, 11 at the $2.5 billion American Eagle Financial Federal Credit Union in East Hartford for loans that amounted to $167,266, and at the $697 million Nutmeg State Financial Credit Union in Rocky Hill for two loans totaling nearly $39,000.
He also submitted fraudulent loan applications at the $133 million United Business and Industry Federal Credit Union in Plainville ($75,000), the $19.5 billion Alliant Federal Credit Union in Chicago (75,000), the $147 million Hartford Federal Credit Union in Hartford ($50,000), the $42.9 million Enfield Community Federal Credit Union in Enfield ($50,000), the $31 billion Pentagon Federal Credit Union in McLean, Va. ($75,000), the $169 million Seasons Federal Credit Union in Middletown ($40,000) and First Niagara Bank ($50,000), which was acquired by another bank in 2016.
Troubled by his past and recent criminal history, prosecutors asked the court to impose a substantial period of incarceration within the federal sentencing guideline range of 51 to 63 months.
They noted in 2009 Bonner was convicted on larceny and identity theft charges. He was sentenced to more than two years in state prison for using stolen identities to open bank accounts and credit cards, making unauthorized purchases.
Even while awaiting federal sentencing in this case, Bonner was arrested again in January 2024 for allegedly depositing at a Bloomfield bank a fraudulent $12,000 check from a West Hartford business. He withdrew $5,200 from the account four days later. The bank has elected to press charges against Bonner, which are pending, federal prosecutors stated in court documents.
Bonner argued for a reduced federal sentence because of his age, history of substance abuse, a gambling disorder and medical conditions.
Peter Strozniak can be reached at [email protected].
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Peter Strozniak
Credit Union Times reporter covering credit union operations, fraud, M&As, leagues, business continuity, and breaking news.
