RISP: Providence Man Took $31K Under False Pretenses
On May 5, 2010, the Rhode Island State Police Financial Crimes Unit (FCU) arrested Edward Corona, age 42, of 725 Branch Avenue, Providence, RI, for five (5) counts of Obtaining Money Under False Pretenses Over $500 and Access to Computers for Fraudulent Purposes. The arrest was the result of a complaint received in September of 2009 from the owner of a personnel services/employment agency located in Reading, Pennsylvania.
The investigation conducted by the FCU revealed that Corona created a fictitious financing company called Corona Capital USA and solicited business on-line through his website coronacapitalusa.com. Corona posed as a loan specialist who worked with investors, bankers and institutional lenders to offer commercial loans and working capital to individuals and businesses looking to expand operations. Corona enticed his victims with the opportunity of obtaining multi-million dollar loans. Corona required a substantial upfront, refundable deposit in order to provide loans to his prospective clients. Once he received the money, Corona would sever all further communications with the parties, a loan would not be provided and the deposit would not be returned.
During the investigation of the initial complaint brought to the State Police, the Financial Crimes Unit located four additional victims who attempted unsuccessfully to secure financing thorough Corona Capital USA and had similar business dealings with Corona. In total, Corona fraudulently obtained $31,500.00 from the five victims.
Edward Corona was arraigned before Judge Clifton at the Sixth Division District Court on the aforementioned charges. Bail for Corona was set in the amount of $10,000.00 with surety.