Factoring Scheme Lands Canyon Lake Man in Prison with Hefty Restitution and Forfeited Assets | USAO-WDTX

SAN ANTONIO – A Canyon Lake man was sentenced yesterday to 97 months in prison and over $8.9 million in restitution for his role in a scheme to defraud several San Antonio financial institutions. He was also ordered to pay a $2.9 million money judgment for the proceeds derived from his criminal activity.

According to court documents, Ronald Wayne Schroeder, 49, along with his co-defendants, Jill Martin Alvarado, 60, of Irving; Rigo Alvarado, 57, of Barstow; Ryan Martinez, 58, of San Antonio; and Phyllis Joe Martinez, 80, of San Antonio, conspired to defraud various financial institutions of money by factoring false and fraudulent invoices.  Factoring is when a company sells specific accounts receivable to a third party at a discounted price to accelerate its cash flow. 

Schroeder used fraud and deceit to factor false invoices for companies owned by his co-defendants.  Schroeder would factor these false invoices with Southwest Bank and Bank of San Antonio (BOSA).  Schroeder and other co-conspirators would then use that money for their own personal enrichment or to pay off old invoices owed to the financial institutions much like a Ponzi scheme where money from new investors is used to pay old investors. 

Three companies involved in the scheme included: Nerd Factory, which was owned by Ryan Martinez and later, Phyllis Martinez; Alvy’s Logistics, which is owned by Jill and Rigo Alvarado; and, Republic Logistics, a fake company created and used by Schroeder to…

Read more…

Leave a Reply

Your email address will not be published. Required fields are marked *