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Three West Texans Convicted Of Conspiracy To Commit Bank Fraud

Three west Texans are awaiting sentencing for their role in a multi-million dollar bank fraud scheme.
MIDLAND -- Three west Texans are awaiting sentencing for their role in a multi million dollar bank fraud scheme.

Raymond Holguin pleaded guilty to conspiracy to commit bank fraud yesterday in federal court.

Federal prosecutors say Michael Franco and Gustavo Pizarro already entered guilty pleas for the same crime.

Authorities say the three men scammed My Community Federal Credit Union out of almost $4 million by writing more than 300 fraudulent car loans. 

Officials say Holguin and Pizzaro both worked at motor city while Franco was a loan officer the credit union.

My Community Federal Credit Union released the following statement regarding this case:

"The incident in question occurred over 3 years ago.   The credit union is bonded and insured to protect against these types of incidences, which has allowed the credit union to remain in superior financial condition.  The credit union was and is financially strong.   The credit union is very pleased to see justice served in this case and continues to assist the Midland FBI and the U.S. Attorney’s Office."


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