On March 25, Melvin E. Rivera-Oliveras, 40, of Ponce, was charged with multiple bank fraud and money laundering offenses, the U.S. Attorney’s Office for the District of Puerto Rico revealed. Rivera-Oliveras was indicted for orchestrating fraud schemes targeting federally insured financial institutions in Puerto Rico during 2020 and 2022.
One of his businesses, Rossy Sport Bar Panorámico, LLC, was also indicted for its involvement in the fraudulent activities. Court documents show that Rivera-Oliveras attempted to execute over $7 million in fraudulent refund transactions using several debit cards at his own businesses.
To carry out the fraud, Rivera-Oliveras obtained point of sale (POS) systems, using them to process fake refund transactions. This allowed him to temporarily access funds, some of which he used for personal gain. In July 2022, he attempted to carry out fraudulent transactions worth over $270,000 using a debit card linked to Rossy Sport Bar Panorámico. These funds were then deposited into the business’s account.
The U.S. attorney’s office also reported that Rivera-Oliveras used the illicit gains to purchase several vehicles, including a Cadillac CTS, a Ford Transit Connect XL, and a Mercedes-Benz C-Class. Additionally, he made numerous transactions exceeding $10,000, laundering the funds through various bank operations.
If convicted, Rivera-Oliveras faces up to 30 years in prison for bank and wire fraud, as well as up to 10 years for money laundering.
