Doral Man Guilty of $3.6 Million Auto Lending Fraud

FL OFR Enforcement Case Updates

Filed March 4th, 2026

Detected March 31st, 2026

Summary

The Florida Office of Financial Regulation announces the conviction of Alejandro Soto on one count of conspiracy to commit wire fraud and three counts of wire fraud. Soto orchestrated an auto loan fraud scheme that defrauded lenders of more than $3.6 million by recruiting straw buyers to purchase vehicles for a car-sharing rental program. The investigation was conducted by the OFR, FBI, and U.S. Attorney's Office for the Southern District of Florida.

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What changed

Alejandro Soto was convicted for orchestrating an auto loan fraud scheme through his company Venom Luxury Rentals Corp. Soto recruited approximately 16 straw buyers with good credit to purchase 90 vehicles totaling $3.6 million, allegedly promising buyers $5,000-$8,000 monthly income from Turo.com rentals with a 50/50 profit split. Soto claimed he would handle all loan and insurance payments, while advising buyers that using their credit for rental vehicles through his dealership was legal. The scheme generated approximately $600,000 in rental revenue but loan payments were stopped, leaving straw buyers responsible for debts and some forced into bankruptcy.

Financial institutions extending auto loans should review underwriting controls for straw buyer detection, particularly in vehicle-for-rent scenarios. Compliance teams should ensure loan documentation verification processes can identify schemes where borrowers appear to finance vehicles for third-party commercial use. Lenders should implement enhanced due diligence for applications involving car-sharing or rental arrangements, verify borrower income independence, and train staff on fraud scheme red flags.

What to do next

Review auto lending underwriting procedures for straw buyer indicators
Implement enhanced due diligence for vehicle financing applications involving commercial rental arrangements
Update fraud detection training to include car-sharing platform transaction red flags

Penalties

Soto convicted on one count of conspiracy to commit wire fraud and three counts of wire fraud; sentencing not specified in this update

Source document (simplified)

Doral Man Guilty of $3.6 Million Auto Lending Fraud

March 4, 2026 Alejandro Soto was convicted on one count of conspiracy to commit wire fraud and three counts of wire fraud for orchestrating an auto loan fraud scheme that defrauded lenders out of more than $3.6 million.

Soto, and his co-conspirators, recruited straw buyers with good credit to purchase vehicles to rent on the car sharing platform, Turo.com. The rentals were to be arranged through Soto’s company, Venom Luxury Rentals Corp. The buyers were told that a car generated between $5,000-$8,000 per month from rentals, and Soto promised buyers a 50/50 split of any profits. Soto allegedly claimed that he would be responsible for making all the loan and insurance payments, as well as any other expenses associated with maintaining the vehicles. It was also alleged that Soto, along with his co-conspirators, advised the buyers that it was legal for them to use their credit to buy the vehicles being put out for rent through their dealership.

Approximately 16 straw buyers were recruited, who purchased 90 vehicles for $3.6 million, and after renting the vehicles on Turo.com, the group earned approximately $600,000 in revenue. Some loan payments were made and then stopped, which resulted in lenders reaching out to straw buyers for payments. The straw buyers did not make any money, as promised by Soto, and in fact many incurred towing and toll fees, and some were even forced to file for bankruptcy.

The case was investigated by the OFR, the Federal Bureau of Investigation, and the U.S. Attorney’s Office for the Southern District of Florida. The U.S. Attorney’s Office for the Southern District of Florida prosecuted the case.

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