A second defendant has entered a guilty plea in a fraud case that cost the Bank of San Antonio more than $13 million.
Jill Martin Alvarado, 58, of Irving, on Tuesday pleaded guilty to conspiracy to commit bank fraud in a case that involves the former president of a Bank of San Antonio subsidiary.
Alvarado’s plea came a week after a San Antonio woman, Phyllis Jo Martinez, 79, pleaded guilty to the same charge.
Both women face the possibility of up to 30 years in prison, up to three years of supervised release and a maximum fine of $1 million. They also will be required to make full restitution.
Alvarado and Martinez also had been indicted on one count of conspiracy to commit money laundering, but the charge was dismissed in exchange for the guilty pleas.
Alvarado is free on a $50,000 unsecured bond pending her sentencing June 1. Martinez’s sentencing is set for May 25.
Joey Contreras, Alvardo’s San Antonio defense lawyer, declined to comment after the hearing.
U.S. District Judge Jason Pulliam conducted the plea hearing via Zoom.
The case centers on Ronald “Wayne” Schroeder, the former president of a Bank of San Antonio factoring subsidiary called Texas Express Funding LLC.
Factoring involves advancing cash to companies in return for acquiring at a discount the debts owed to them. This allows the companies to get money quickly instead of waiting for customers to pay their bills.
Alvarado and her husband, Rigo Alvarado, are co-owners of a trucking company called Alvy’s Logistics, which does business as Alvy’s Trucking LLC.
According a November indictment, the couple assisted Schroeder in providing false and misleading invoices from Alvy’s to financial institutions for factoring. That would result in payments to Alvy’s. Some of that money was then turned over to Schroeder “for his own profit,” the indictment stated.
Schroeder is accused of using proceeds from the alleged scheme to buy automobiles, recreational vehicles, an airplane, a boat and a beach house. He faces three counts of bank fraud, conspiracy to commit bank fraud and conspiracy to commit money laundering. He has pleaded not guilty.
Schroeder’s lawyers have said he is cooperating and would “continue to work with the government to rectify the situation.”
The indictments followed an August disclosure by the Bank of San Antonio that it had uncovered a $13.2 million “Ponzi-style fraud scheme” involving Schroeder.
Rigo Alvarado also was indicted on conspiracy to commit bank fraud and conspiracy to commit money laundering. He has pleaded not guilty.
Martinez’s son, Ryan Martinez, was indicted on the same charges. They owned a cleaning company that allegedly participated in the scheme. Ryan Martinez has pleaded not guilty.
pdanner@express-news.net
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