A Miami man has been arrested in an alleged “credit bust out” scheme involving the fraudulent purchase of seven vehicles worth over $464,000, authorities said.
Ernesto Castellano Murado, 47, was arrested Wednesday on seven counts of grand theft, seven counts of obtaining a vehicle by trick, seven counts of obtaining property or credit by false statement, and one count of organized fraud of $50,000 or more, Miami-Dade jail records showed.
According to an arrest report, the Miami-Dade Sheriff’s Office Auto Theft Crimes Task Force began investigating and found records that showed multiple vehicles registered to Murado that had been financed through multiple lenders between Oct. 16 and Nov. 11, 2024, indicating a “credit bust out.”
“Credit bust outs” happen when a person purchases numerous vehicles during an abbreviated period of time before they appear on their credit reports, or a person manipulates their credit history to conceal negative activity, authorities said…