MIAMI-DADE COUNTY, Fla. — A 47-year-old man is facing a slate of fraud and theft charges after investigators said he obtained nearly half a million dollars’ worth of vehicles through a scheme known as a “credit bust out.”
The Miami-Dade Sheriff’s Office identified the suspect as Ernesto Castellano Murado, who was arrested Wednesday.
Jail records show he is facing seven counts each of obtaining a vehicle by trick, obtaining property through false credit or statement, six counts of second-degree theft between $20,000 and $100,000, and one count each of first-degree grand theft and organized fraud of $50,000 or more.
According to an arrest report, deputies with the agency’s Auto Theft Crimes Task Force began investigating Murado last year after noticing multiple vehicles registered to his name over a short period of time.
Investigators said Murado financed the vehicles — including a Mercedes G63 AMG, a Jeep Grand Cherokee and a Dodge Ram Promaster truck — by submitting loan applications that misrepresented his employment and earnings.
Authorities said the tactic is part of an emerging auto-finance crime trend in which suspects exploit the lag time before multiple credit applications show up on their record.
Investigators allege Murado claimed to be the general manager of Hernandez Electronics LLC, reporting an income of $432,000 annually, but records showed discrepancies in the company’s details.
The vehicles listed in the case — seven in total — carried a combined value of more than $460,000, deputies said.
After his arrest, investigators said Murado was advised of his rights and initially answered questions before requesting an attorney, according to the report.
As of Thursday, he was being held on a $50,500 bond at the Turner Guilford Knight Correctional Center.
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