A Laredo resident has been charged with stealing money from an automobile financing company through a kickback and accounting fraud scheme.
Authorities arrested Roberto Montiel on 24 March 2021. He is expected to make his initial appearance before a U.S. magistrate judge today, 25 March at 1:30 p.m in Laredo, Texas.
A 12-count indictment alleges that Montiel “misused his position as general manager of the company to sell vehicles that the company had repossessed”. He allegedly sold them at prices below their market value in exchange for receiving a kickback from the buyer.
According to the indictment, Montiel also entered false information into the company’s accounting system and manipulated accounting records to “inflate the company’s profitability and assets”.
This allegedly enabled him to “hide the losses his scheme caused”. He also received bonuses and commissions he was only entitled to receive if the company was profitable.
If convicted, Montiel faces up to 20 years in prison and a possible $250,000 maximum fine on each count of conviction.
The FBI conducted the investigation. Assistant U.S. Attorney Justin R. Martin is prosecuting the case.