E. Martin Estrada, U.S. Attorney | U.S. Attorney's Office for the Central District of California
A former executive of a Newport Beach company specializing in classic car purchases was arrested on allegations of embezzling $7 million from his employer. Alexander G. Ramos, 62, is accused of wire fraud, which could lead to a maximum sentence of 20 years in federal prison.
Ramos was taken into custody without bond and will face arraignment on June 30. The affidavit claims that Ramos, employed since 2017 until September 2024 in the Risk Management Department, exploited his position to misappropriate funds intended for tax, titling, and licensing expenses.
Ramos allegedly orchestrated excessive payments to outside entities and redirected surplus funds to bank accounts he controlled. A law enforcement review revealed approximately $7 million was funneled into these accounts from checks and wires initially meant as refunds for overpaid vehicle registration fees.
The complaint indicates Ramos used the illicit funds for personal gain, including purchasing a home in Irvine. The alleged illegal transfers began at least as early as January 2020.
Notably, Ramos is identified as an illegal alien from Mexico who had been removed from the U.S. in 2017 but returned later.
The FBI and the Federal Deposit Insurance Corporation Office of Inspector General are conducting investigations. Assistant United States Attorney Kevin Fu is handling the prosecution.
"Every defendant is presumed to be innocent until and unless proven guilty beyond a reasonable doubt in court."
