LOS ANGELES – A Filipino man who has been accused of running a multi-million dollar fraud scheme has pleaded guilty just before his case was to go to court.
Eminiano “Jun” Reodica Jr. pleaded guilty to federal charges including bank fraud and lying to banks.
He will be sentenced early next year and faces up to 79 years in prison.
In the 1980s, Reodica owned one of the country’s largest car dealerships. He allegedly would promise the same car contract as collateral to multiple banks at the same time.
He would also have employees sign for bogus car loans, and would repossess and resell vehicles without informing the bank.
All of these in an effort to get banks to give him more money.
As federal officials began investigating Reodica fled the country around 1990 and remained a fugitive for nearly 30 years.