Twenty-one people have been arrested in what Miami-Dade officials describe as a massive, multi-million dollar credit fraud scheme targeting car dealerships across South Florida.
The bust was announced Monday at the Miami-Dade Sheriff’s Office headquarters in Doral, where Sheriff Rosie Cordero-Stutz revealed the details of the investigation, calling it one of the most sophisticated fraud operations her office has seen.
The scam, known as “Credit Bust Out,” involves straw buyers flooding dealerships with fake documents including phony pay stubs, falsified W-2s, and fake addresses to make it appear they can afford high-end cars. The buyers then rack up as many purchases as possible before the credit checks catch up. Officials say some buyers managed to walk away with more than a dozen vehicles in a single week.
But the crime doesn’t stop there. Once the cars are in the hands of criminal organizations, investigators say they are either lien washed — meaning the liens are illegally wiped from the records — shipped overseas with counterfeit VINs, or subleased on the black market. Disturbingly, many of those subleased vehicles are later used in violent crimes, including robberies and shootings.
Operation: Lien to Clean, launched earlier this year, uncovered more than 100 fraudulently purchased vehicles totaling $5 million in losses. Detectives have recovered 53 cars so far, valued at $4.3 million.
“This isn’t just about dealerships losing money,” Cordero-Stutz said. “When financial institutions are defrauded, that cost is passed down to families and small businesses.”
Authorities say the case is far from closed, warning that Miami-Dade has become a hot spot for this type of crime. “We will not let organized criminals or corrupt insiders treat our county like an open marketplace,” Cordero-Stutz vowed.
Despite the scope of the case, the Auto Crimes Task Force currently has just two deputies assigned. Cordero-Stutz said she plans to add more officers as the investigation expands, noting that additional arrests are expected.
Some of those arrested have already bonded out, but all face a long list of charges as the probe continues.
Well who could have guess.Are there any reputable firms