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Edwin Acevedo, 36, pleaded guilty to one count of conspiracy to commit wire fraud and one count of wire fraud, the US Attorney for Massachusetts said. Both charges carry a potential 20-year prison sentence, the prosecutor noted.
Federal investigators said Acevedo and a partner, Hector Garcia, 49, of Manchester, NH, concocted a scheme that netted them $452,000 in SBA Economic Injury Disaster Loans. The plan was simple: Garcia would use stolen identities to open bank accounts to apply for and receive the money, authorities said. The duo would use debit cards tied to those accounts to purchase iPhones and resell them for cash.
Federal agents said they purchased about $250,000 worth of smartphones and resold them across Massachusetts and New Hampshire. Investigators believe they also wired some money to a co-conspirator in the Dominican Republic.
Police arrested Acevedo and Garcia in August 2021.
While Acevedo copped to his role in the alleged scheme, Garcia plans to fight. He's awaiting trial after he pleaded not guilty last month to conspiracy to commit wire fraud, three counts of wire fraud, and two counts of aggravated identity theft, the US Attorney's Office said.
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