MIAMI-DADE COUNTY, Fla. — A South Florida man was arrested last week after authorities say he used a fraudulent check-kiting scheme in an attempt to purchase a luxury boat worth approximately $146,000 from a Miami-Dade dealership.
According to an arrest report from the Miami-Dade Sheriff’s Office, Angel Reyes, 47, of Miami, attempted to buy the vessel from Riva Motorsports, located at 11995 SW 222nd St., on May 8.
Investigators said Riva Motorsports employees told Reyes that the payment for the boat had to be completed through a wire transfer, which is the company’s standard payment method for large transactions.
Authorities say Reyes later told the dealership that the wire transfer had been completed.
However, instead of providing proof of a wire transfer, investigators said Reyes submitted a receipt showing a check deposit into the dealership’s BankUnited account.
Believing the payment had been made, Riva Motorsports proceeded with the sale process, the report stated.
But on May 12, BankUnited notified the dealership that the check had been returned due to insufficient funds, according to the report.
Despite the failed payment, investigators said Reyes continued communicating with the dealership and requested an appointment to pick up the boat.
According to the report, detectives later discovered that the check used for the transaction came from a Bank of America account belonging to R&M Luxury Rentals.
Authorities said Reyes was the account holder and had previously provided incorporation documents for the business.
Further investigation revealed what detectives described as a “check-kiting style scheme,” a form of bank fraud that takes advantage of the delay between a check being deposited and banks discovering that the funds are not actually available, the report stated.
According to investigators, Reyes deposited a separate check for approximately $146,000 into the R&M Luxury Rentals account. That check was drawn from a Truist Bank account belonging to Novatec LLC, a company for which Reyes was listed as an authorized signer, authorities said.
Authorities later learned the Truist account had reportedly been closed since 2022.
Detectives said Reyes used the temporary appearance of available funds in the Bank of America account to issue the payment to Riva Motorsports, creating the false impression that sufficient money was available to complete the purchase.
Investigators said Riva Motorsports notified authorities last Friday that Reyes was arriving at the business to pick up the boat.
According to the report, at approximately 3 p.m., deputies took Reyes into custody at the dealership’s leasing office and transported him to the MDSO South District Station for questioning.
The report states that detectives advised Reyes of his Miranda rights before conducting an interview, which was audio recorded.
Investigators said Reyes initially claimed he had approximately $160,000 in his Bank of America account at the time of the transaction. The report states that later during the interview, he provided some kind of admission, however his full statement was redacted from the publicly released report.
Reyes was ultimately arrested on charges of first-degree grand theft, organized fraud and issuing a worthless check.
As of Monday morning, he was being held at the Metrowest Detention Center on a $25,000 bond.
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