Beach house

Canyon Lake man charged with defrauding banks, using money for Port A beach house and luxury items

SAN ANTONIO – A Canyon Lake man was convicted after pleading guilty to defrauding financial institutions in San Antonio and using the money for personal expenses like a beach house in Port Aransas and a $100,000 swimming pool , according to federal authorities.

Ronald Wayne Schroeder, 49, was sentenced Thursday to 97 months in prison and ordered to pay more than $8.9 million in restitution. He was also ordered to pay a judgment of $2.9 million.

A Justice Department press release says Schroeder and four other co-defendants were part of a scheme that included factoring false and fraudulent invoices.

“Factoring is when a company sells specific accounts receivable to a third party at a discount to accelerate its cash flow,” the statement said. “Schroeder used fraud and deception to factor false invoices for companies owned by his co-defendants.”

He factored bills with Southwest Bank and Bank of San Antonio. Authorities said the co-defendants then used the money for “personal enrichment” or to pay old bills, like a Ponzi scheme.

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Co-defendants included Ryan Martinez, 58, and Phyllis Joe Martinez, 80, both of San Antonio, owners of Nerd Factory; and Jill Martin Alvarado, 60, of Irving, and Rigo Alvarado, 57, of Barstow, who owned Alvy Logistics.

Some of the money that Nerd Factory and Alvy Logistics received from the factoring was sent to Schroeder. The statement adds that Ryan and Phyllis Martinez then used the money to pay their legal fees.

Schroeder also created a fake company called Republic Logistics “to steal money for himself,” the statement said.

“In addition to using false and fraudulent invoices for real businesses, Schroeder submitted Republic Logistics’ false invoices to BOSA for payment,” the statement said. “Schroeder then used that money to buy big-ticket items, such as cars, RVs, a plane, a boat, and a beach house, as well as $50,000 in landscaping and the installation of a swimming pool. of $100,000.”

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The items, including a Port Aransas home and a Shelby Mustang, were either seized or confiscated.

He pleaded guilty to one count of conspiracy to commit bank fraud in December. His four co-defendants also pleaded guilty to the same charge, and Phyllis Martines and Jill and Rigo Alvarado were sentenced to prison.

Ryan Martinez has yet to learn his pain.

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