$4.3 million in proceeds of an identity theft tax refund scheme were also laundered
A Florida man has pleaded guilty to his role in laundering the proceeds of an identity theft tax refund scheme and a mortgage fraud scheme, according to the US Attorney’s Office for the Southern District of Florida.
Yant Garcia admitted to one count of conspiracy to commit an offense against the US. He is scheduled to be sentenced in November before US District Judge Marcia Cooke.
In a conspiracy, which began around 2012 and continued through around 2015, Garcia agreed with others to launder money by cashing checks in names of persons who were not present at check-cashing stores in Miami.
In or around 2013, the conspirators used stolen personal identity information to submit fraudulent tax returns to the Internal Revenue Service. They sought refunds ranging in value from $130,000 to $170,000.
As a result of the scheme, the Department of Treasury paid out approximately $4.3 million in fraudulent claims by mailing out tax refund checks. Garcia and a co-conspirator came to an agreement with the owner of a Hialeah, Fla., check-cashing store to cash the checks for a 30% fee.
In or around 2015, the conspirators submitted fraudulent loan applications in relation to a property in Miami Beach. They received approximately $3.7 million in proceeds through an interstate wire to the account of a fake title company in Miami. Garcia then provided checks to his co-conspirators, who cashed the checks at check-cashing stores in South Florida in the names of payees who were not present.
