However, according to a prepared statement released by federal prosecutors, Mosquea-Ramos admitted that he posed as the seller of various used cars by conspiring with Rolando E. Estrella, 33, a Lawrence, Mass., used car dealer, who allegedly prepared false purchase and sales agreements and counterfeit automobile titles naming Mosquea-Ramos as the seller of the phony vehicles.

Financial institutions approved more than $275,200 in used car loans, disbursing checks made payable to Mosquea-Ramos. The checks were quickly deposited, withdrawn and divided among participants of the conspiracy.

Estrella is awaiting trial on multiple charges of conspiracy to commit bank fraud, bank fraud, aggravated identity theft and fraudulent use of a Social Security number. He pleaded not guilty to all charges.

Additionally, Mosquea-Ramos admitted that by using his own personal identification information along with counterfeit earnings statements, fabricated automobile purchase and sales agreements, and counterfeit motor vehicle titles, he obtained at least $92,000 in fraudulent loans to purchase fictitious cars. Co-conspirator Jonathan A. Pimental, 29, of Lawrence, Mass., was allegedly listed as the seller of the cars. He pleaded not guilty to one count of conspiracy to commit bank fraud and is awaiting trial.

Federal prosecutors said Mosquea-Ramos defrauded seven credit unions across Massachusetts including the $1.2 billion Merrimack Valley Credit Union in Lawrence, the $1.2 billion SCU Credit Union in Sharon, the $10 billion Digital Federal Credit Union in Marlborough, the $2.4 billion Metro Credit Union in Chelsea, the $755 million Direct Federal Credit Union in Needham, the $1 billion RTN Credit Union in Waltham and the $1.9 billion Workers Credit Union in Littleton.

According to court documents, other credit unions that were defrauded by the used car loan fraud ring included the $10.8 billion Bethpage Federal Credit Union in Bethpage, N.Y., the $13.5 billion Alliant Credit Union in Chicago, the $26.7 billion Pentagon Federal Credit Union in McLean, Va., the $2.1 billion American Eagle Financial Credit Union in East Hartford, Conn., the $949 million Sikorsky Credit Union in Stratford, Conn., the $648 million Greenwood Credit Union in Warwick, R.I., the $1.6 billion Jeanne D'Arc Credit Union in Lowell, Mass., the $1.2 billion Webster First Credit union in Worcester, Mass., the $702 million Liberty Bay Credit Union in Braintree, Mass., and the $826 million Triangle Credit Union in Nashua, N.H.

TD Bank, Bank of America, KeyBank, Santander Bank and Enterprise Bank also were victimized, court documents showed.

Five other co-conspirators – Juan E. Felix-Fernandez, Emilio J. Fria-Reyes, Erikson M. Ventura-Martinez, Robert L Diaz-Mendez and Bryant Polanco – also pleaded not guilty to one count of conspiracy to commit bank fraud and are awaiting trial. Another co-conspirator, Fernando Diaz, has not entered a plea yet to one count of conspiracy to commit bank fraud, according to court records.