A 62-year-old man from Mexico living in Orange County illegally is accused of embezzling $7 million from a Newport Beach company that specializes in purchasing classic cars, federal officials announced.
Alexander G. Ramos, a resident of Newport Beach, had been employed in the company’s risk management department from 2017 until is termination in Sept. 2024, according to a news release from the U.S. Department of Justice.
Federal prosecutors allege that in the 62-year-old’s position in the company, he was of his employer’s loans and had relationships with title agents and other partners across the country. It was his job to oversee requests by the company’s title and risk department as well as the business’ accounting department for payment of titles.
“Ramos allegedly caused checks to be issued from the victim company to certain parties, including a Las Vegas DMV services business,” officials said. “The checks were supposed to cover expenses for tax, titling and licensing associated with car purchases.”
According to federal investigators, the 62-year-old caused his employer to overpay the outside businesses and then directed those entities to refund the extra money to bank accounts under his control.
“A law enforcement review of financial records revealed that approximately $7 million in checks and wires were deposited into Ramos-controlled bank accounts from the outside entities in the car industry,” the release noted. “The origin of some of the funds deposited into Ramos’s bank accounts showed the checks and wires were made out to the victim company and were intended as refunds to that company’s clients who had overpaid for vehicle registration fees.”
Instead of returning the funds to his employer’s accounts, Ramos is accused of putting the money into accounts he controlled and using the proceeds for personal use, including buying an Irvine home.
“The illegal transfers date back to at least January 2020,” officials said.
The 62-year-old had reportedly been deported in 2017, but later returned, though officials did not provide any details on how he was able to get back into the country, nor did they say if his employer knew about his immigration status.
Ramos, who is being held without bail, has been charged with felony wire fraud and could face a maximum sentence of 20 years in federal prison.
He is scheduled to appear in court on June 30.
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