Deputies arrested a Miami man accused of carrying out a $700,000 “credit bust out” scheme that targeted multiple car dealerships, authorities said.
Cristian Machado, 31, faces 14 counts of grand theft, 14 counts of obtaining a vehicle by trick, and one count of organized fraud of $50,000 or more, according to court records.
The Miami-Dade Sheriff’s Office Auto Theft Crimes Task Force said Machado financed 14 vehicles and personal watercraft through several lenders between June 4 and June 15, 2024. Investigators said Machado misrepresented his finances, claiming he earned $270,000 a year, and secured loans before the activity showed up on his credit report.
Authorities said “credit bust out” suspects often resell or illegally sublease the vehicles, or transfer titles to other states.
The vehicles obtained in the scheme were worth $698,156 and included luxury models such as a 2024 BMW 740i, a 2024 Cadillac Escalade, a 2024 Chevrolet Corvette, and a 2023 Dodge Challenger Hellcat. Two Sea-Doo Bombardiers and a Yamaha Waverunner were also on the list.
Deputies arrested Machado on Monday and booked him into jail. A judge granted him bond Tuesday and appointed a public defender to his case.
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