A Miami-Dade man is facing charges in an alleged $500,000 "credit bust out" fraud involving the purchase of 10 vehicles in the span of just one month, authorities said.
Omar Guardia, 56, was arrested Wednesday on charges including organized fraud of $50,000 or more, grand theft of a vehicle, unlawful vehicle subleasing, and obtaining property by false statement, jail records showed.
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WATCH HEREAccording to an arrest report, Guardia was involved in a "systematic organized scheme known as a credit bust out," in which multiple car dealers and financial institutions are defrauded.
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The arrest report said Guardia had gone to Bomnin Chevrolet in March and submitted a credit application to purchase a 2025 Chevrolet Silverado, which was later reported stolen.
Due to an increased amount of fraud at the dealership, they contacted authorities who looked into Guardia and found he had 17 vehicles in his name, including 10 that had been purchased in March alone, the report said.
Guardia spoke with investigators but there were discrepancies with the statements and the credit applications, the report said.
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He also said he had no idea where the Silverado was, the report said.
A records check showed Guardia had nearly 20 vehicles under his name, including an Acura, 2 BMWs, a Honda, 2 Mercedes, 5 Toyotas, a Kia, a Ram truck, a motorcycle, and 2 Yamaha vessels, the report said.
The report said the estimated losses in the scheme are over $500,000.
"Due to the defendant purchasing 10 vehicles in the span of one month, the defendant misled the dealership and financial institution, in order to fraudulently obtain the vehicles," the report said. "If the defendant had provided the correct information and had disclosed the other vehicles he had purchased, the dealership would have never sold him this vehicle."
Guardia was booked into jail and appeared before a judge on Thursday, who set his bond at $111,000 and ordered him to stay away from vehicle dealerships.
During the bond hearing, a prosecutor said Guardia had a previous federal conviction for marijuana trafficking.
