EL PASO, Texas (KFOX14/CBS4) — A 50-year-old man wanted on charges of fraud and theft was arrested in Far East El Paso on Tuesday.
According to the El Paso County Constable Office Precinct Three, Reymundo Estrada was arrested after a surveillance operation found him in the 14200 block of Bluesky Point Court following a tip.
Estrada, who the Constable’s Office said has a history of similar arrests involving similar charges, was apprehended by deputies as he was spotted entering a vehicle at the address.
Estrada had outstanding criminal warrants for:
- Three counts of fraudulent use/possession of identifying information
- Two counts of theft of property ($2,500 – $30,000)
- One count of false statement to obtain property/credit ($2,500 – $30,000)
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A total bond for these charges was set at $150,000.
Jail…
Investment fraud targets the human desire for financial growth by promising high returns with “low to no risk.”
- Ponzi Schemes: Named after Charles Ponzi, these schemes pay “returns” to earlier investors using the capital brought in by newer investors. There is no actual underlying business; the system collapses when new recruitment slows down.
- Pyramid Schemes: Similar to Ponzi schemes, but participants are usually required to sell a product or service. The primary “profit” comes from the recruitment fees of new members rather than actual product sales.
- Pump and Dump: Fraudsters spread false, positive rumors about a cheap stock (the “pump”) to drive up the price. Once the price peaks, they sell their shares (the “dump”), leaving other investors with worthless stock.