Headlines

Texas Jeweler Headed to Prison for Cash Advance Fraud

He was sentenced to a 27-month prison term.

Published

2 years ago

September 12, 2022

INSTORE Staff

A jewelry store owner in Texas has been sent to federal prison following his conviction for wire fraud.

Santiago Mora, 40, of Katy, pleaded guilty March 3, according to U.S. Attorney Jennifer B. Lowery.

A judge last week imposed a 27-month prison term to be followed by three years of supervised release.

Mora was co-owner of Alku Modern Jewelers in Katy.

During sentencing, the judge heard that Mora failed to deliver pre-paid Rolex watches valued at approximately $3.9 million to a customer. In an effort to pay the customer and others, Mora executed a scheme by which he obtained a total $500,000 in merchant cash advances via wire transfer by impersonating and using the good credit of his business partner, according to a press release from Lowery.

Mora eventually admitted his fraudulent dealings to his business partner and to using his partner’s identity to obtain merchant cash advances.

Mora was taken into custody in Miami in June 2021 after he failed to appear in court for further proceedings.

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