Gabriel Ramos and Miguel Miranda Jr. – Charges Filed on Ponzi Scheme | Goodman & Nekvasil P.A. May Recover Investor Losses
ACCORDING TO COURT DOCUMENTS:
Based on the information gathered to date, in 2015 and 2016, Gabriel Ramos and Miguel Miranda raided more than $500,000 as part of a scheme that defrauded at least 11 investors, including residents of Franklin County, Washington. Miranda and Ramos represented that investors would earn huge profits within approximately 30 to 90 days. Investors were told their funds would be loaned to local small business borrowers who would repay the loans by a specific payout date. Borrowers would also pay investors an additional return, which for most investments was 30%. Investors were given little or no information about the purported borrower – in many instances only their initials. Miranda and Ramos deceived investors by representing that the returns were “guaranteed” and claiming there was a “reserve” to repay them if a borrower defaulted on their loan. Based on these assurances, some investors liquidated or took loans from their retirement accounts and some invested most of their life savings.
The scheme began to collapse in September 2016, when Ramos was unable to repay investors. Ramos claimed that investor funds were in the hands of several “bad borrowers” who failed to repay their loans. DFI’s analysis of Ramos’ bank records found that Ramos operated a Ponzi scheme, and used investor funds to repay prior investors and for personal expenses, such as his wedding. Investors lost more than $300,000.
Ramos also caused HAPO Community Credit (HAPO) to lose more than $75,000 In a check-kiting scheme that was conducted on October 4, 2016. In the course of one day, Ramos and his wife conducted multiple transactions at four different HAPO branches. Ramos purchased cashier’s checks and received thousands of dollars in cash, using bad checks that he wrote from a credit union account.
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