Pinoy ex-car dealer in US gets 10 years over 80's fraud case
A Filipino man embroiled in a major swindling case over the past 30 years was sentenced two years after pleading guilty to a fraud scheme that caused more than $70 million in total losses to banks and individuals in the 80's.
A report on San Gabriel Valley Tribune said Eminiano Reodica Jr., 72, was sentenced to 10 years in jail two years after he pleaded guilty to 26 federal charges of bank fraud and making false statements to financial institutions.
Reodica was supposed to be sentenced in 2016 but his attempt to withdraw his guilty plea prolonged the sentencing.
The Filipino pleaded guilty to defrauding five banks from 1984 to 1988 in 1994 and to hiding from banks used by customers behind their car payments to maintain their credit lines.
He confessed that he promised the same car contract as collateral to two banks at the same time through signatures forged by his employees, whom he also ordered to sign for car loans to funnel money back to his business.
Reodica allegedly was able to amass a fortune that left banks and individuals $90 million poorer before fleeing the US in 1988, according to The Australian.
Under the name of Roberto Abrian Coscolluela Jr., Reodica remarried in Australia and ran a Thai and Filipino restaurant in addition to selling life insurance "in a very public manner" for 24 years, the report said.
Reodica was picked up by Customs and Border Protection agents at the Los Angeles International Airport in 2012 a day before he was scheduled to undergo court proceedings for allegedly duping a widow out of A$250,000.
He even befriended former President Fidel Ramos when Ramos was Defense secretary, and was praised by Newsweek and the Wall Street Journal for helping minorities buy cars and acquire car loans. —Rie Takumi/KBK, GMA News