Attempt to steal 214 mil = just another day at the office
September 16, 2008 by Shane BorerPosted in: "Seemed like a good idea at the time", "Would you want this person in Finance?", Bad investments, In this week's e-newsletter, Latest news & views
There’s only one thing more shocking than this company’s attempted theft: It still has dedicated patrons and employees.
Angel Cruz, owner of The United Cities Group, may be on the run from the U.S. Attorney’s office, but that’s no reason for business to slow down. Cruz, along with Harry William Marrero, his attorney, have a laundry list of crimes they’ve attempted over the past year.
Initially, his company popped up on attorneys’ radar when dozens of employees of JC Consultores Laborales — a non-profit group affiliated with Cruz — were paid with worthless checks from United Cities. Cruz and Marrero had been printing their own money and issuing invalid checks to start circulating a currency that would rival the U.S. dollar.
That’s just the start. Other projects Cruz and Marrero had started were forming their own bank, court and police force.
Because their own bank hadn’t yet gotten off the ground, the two made a “substantial deposit” of $214 million in United Cities currency at a local Bank of America branch. When bank employees refused to let the duo withdraw the $214 million — in U.S. currency — the next day, they threatened to take over the branch.
Employees and (unfortunate) customers are behaving as if nothing’s amiss. The company’s Web site contains no mention of Cruz’s U.S. indictment.
Among the other business ventures, people are still re-financing their homes through United Cities. “I don’t see where the fraud is because they are trying to help us, and it doesn’t seem as if Cruz is trying to enrich himself by doing this,” said a recent patron.
Popularity: 1% [?]
Tags: Bank deposits, Currency, Invalid checks, U.S. Attorneys, United Cities Group

