Montgomery County police say two men have been arrested for running a fake financial services business, scamming at least a dozen loan seekers in the county.
Police said 31-year-old Franco Villatoro and 35-year-old Carlos Sanchez promised people in the Hispanic community various types of loans, but said fees needed to be paid up front. They took the victims’ money and never delivered the promised loans, according to police.
Investigators have identified 12 people who were scammed out of a total of $50,000 and believe there are other victims.
A grand jury indicted the pair in January; last week, Villatoro was arrested in Prince George’s County and Sanchez was taken into custody in Florida.
— Emily Babay
