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Man Wanted for $16 Million Loan Fraud

Reward Offered For Scam Artist

According to the Houston Chronicle, a $5,000 reward is being offered for turning in a man responsible for committing bank, mail, and wire fraud, racking up $16 million. The man, Oscar Ortiz, 53, has been on the run for months after cutting off his ankle monitor in spring.

Ortiz pleaded guilty to the fraud. He was convicted on June 30th, 2016. Ortiz was scheduled to be sentenced on April 24 but failed to show up to federal court.

Digital billboards all across the Houston area are advertising the escaped convict and the reward for his arrest. This is in hopes to catch him before he leaves the country. Ortiz has ties to Argentina and the Dominican Republic, marking him as a major flight risk.

Types of Fraud

The Federal Bureau of Investigation has a list of several common types of fraud cases that they investigate:

  • Business Fraud – A Fraudulent business practice that occurs when dishonest or illegal activities are undertaken in order to be advantageous to the company.
  • Advanced Fee Schemes – This fraud occurs when a person gets a victim to pay money up front for a product or service that never is delivered or fulfilled.
  • Ponzi Schemes – A fraudulent scheme where a person gets multiple people to invest in a false high return investment. This is in which, the money borrowed by current investors is used to pay off previous investors.
  • Identity Theft – Identity theft occurs when someone assumes your identity to perform a fraud or other criminal activity.
  • Market Manipulation Fraud – Mostly referred to as “Pumping and Dumping.” This type fraud happens when a company creates an artificial demand for a security that is largely controlled by the perpetrators. It is then sold off while the market is inflated.

Fraud

This man took advantage of people for a living. He illegally made millions of dollars through fraud schemes. This is not fair to the people he stole that money from, who actually worked legitimately for it. If you or someone you know has been a victim of fraud, do not hesitate to contact our law offices today for a free consultation. Let us discuss to see if we may be able to help.