A Miami-Dade man arrested in an alleged “credit bust out” involving the fraudulent purchase of a half-dozen expensive vehicles is facing more charges in connection with another vehicle theft case, authorities said.
Yumaikel Angulo, 42, was initially arrested Aug. 16 on one count of organized fraud, and six counts each of grand theft, obtaining a vehicle by trick, and obtaining property or credit by false statement, records show.
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Angulo’s arrest came after investigators said he purchased six cars including a Chevrolet Corvette and Cadillac Escalade worth over $385,000 in an alleged “credit bust out.”
“Credit bust outs” happen when a person purchases numerous vehicles during an abbreviated period of time before they appear on their credit reports, or a person manipulates their credit history to conceal negative activity, authorities said.
Angulo had allegedly submitted fraudulent application information that claimed his yearly income was well above his actual salary, an arrest report said.
After his arrest, the manager of a Toyota dealership in Doral contacted authorities to report a stolen vehicle after seeing Angulo’s mugshot on the news, an arrest report said.
The manager said that on Aug. 14, two days before his arrest, Angulo arrived at the dealership to inquire about buying a car and provided a letter from a financial institution that said they would fund the purchase, the report said.
The letter appeared legitimate so they finalized the sale and gave Angulo the car, a Toyota Tacoma worth $43,500, the report said.
But no payment was ever received for the Tacoma, and the financial institution said Angulo had been denied financing, the report said.
