Puerto Rican Businessmen Sentenced for $526,797 Bank Fraud Conspiracy

Two individuals have been sentenced to prison and ordered to pay restitution in a bank fraud conspiracy that resulted in the theft of over half a million dollars from an insurance company in Puerto Rico.

Sentencing Details

• Carmelo Santiago-Santiago was sentenced to 33 months in prison and five years supervised release.
• Efraín Delgado-Rodríguez was sentenced to 30 months in prison and five years supervised release.
• Both defendants were ordered to pay $526,797 in restitution.

Background of the Scheme

According to court documents, Santiago-Santiago, an accountant at Company A since 2016, conspired with Delgado-Rodriguez, president of Fast Contractors LLC, to execute a bank fraud scheme from May 2017 to October 2019. The scheme involved:

• Creating false checks using outstanding check numbers and voided checks
• Diverting the funds to themselves without the knowledge or consent of Company A

Role of Santiago-Santiago

As an accountant at Company A, Santiago-Santiago had access to accounting information, including:

• Outstanding checks
• Unpaid vendors

He used this information to create fraudulent checks payable to Delgado-Rodriguez and his construction company. The defendants negotiated the false checks without the knowledge or consent of Company A, resulting in actual losses of $526,767.

Investigation and Prosecution

The FBI investigated the case, and Assistant U.S. Attorney Marie Christine Amy prosecuted it. U.S. Attorney W. Stephen Muldrow announced the sentencing, along with Joseph González, Special Agent in Charge for the FBI San Juan Field Office.