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Jewelry Store Owner Convicted in Rolex Cash Advance Fraud September 13, 2022 (0 comments)

Cash fraud

Houston, TX--A 40-year-old man was sent to federal prison following his conviction for wire fraud. As per a press release by the United States Department of Justice.

[Image via Flickr Commons]

Santiago Mora pleaded guilty on March 3. U.S. District Judge Andrew Hanen imposed a 27-month-term of imprisonment immediately followed by three years of supervised release.

Mora was co-owner with his business partner of Alku Modern Jewelers, located in Katy.

During sentencing, the judge heard that Mora failed to deliver pre-paid Rolex watches valued at approximately $3.9 million to a customer. To pay the customer and others, Mora executed a scheme by which he obtained a total of $500,000 in merchant cash advances via wire transfer by impersonating and using the good credit of his business partner.  

Mora eventually admitted his fraudulent dealings to his business partner and used his partner’s identity to apply for and receive multiple merchant cash advances.

Mora was taken into custody in Miami, Florida, in June 2021 after he failed to appear in court for further proceedings. He will remain in custody pending transfer to a U.S. Bureau of Prisons facility to be determined in the near future.

Read the original release.

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