LOS ANGELES
Authorities say a former executive at a Newport Beach company that buys and sells classic cars was arrested Thursday on federal charges. They allege he embezzled roughly $7 million from his employer.
Alexander G. Ramos, 62, of Newport Beach, is charged with wire fraud, a felony punishable by a maximum of 20 years in federal prison. A magistrate judge ordered him held without bond, and his arraignment is set for June 30.
He is presumed innocent unless proven guilty.
According to a federal affidavit, Ramos worked in the company’s Risk Management Department from 2017 until his firing in September 2024.
In that role, he oversaw payments to title agents and other outside parties handling taxes, titling, and licensing for vehicle purchases.
Prosecutors allege Ramos intentionally inflated payment requests to outside vendors and instructed them to send the excess funds to bank accounts he controlled. Investigators say Ramos funneled about $7 million in company money into his own accounts—money that should have been refunded to overpaying clients.
The scheme allegedly dates back to January 2020 and includes Ramos using some of the funds to purchase a home in Irvine.
Ramos, a Mexican national, was previously deported in 2017 but reentered the U.S. unlawfully.
The FBI and the FDIC Office of Inspector General are investigating.
The case is being prosecuted by Assistant U.S. Attorney Kevin Fu of the Orange County office.