HOUSTON – A Katy jewelry store owner has been sent to federal prison after being convicted of committing wire fraud, according to U.S. Attorney Jennifer B. Lowery.
Santiago Mora, 40, pleaded guilty on March 3 and was sentenced to serve 27 months in prison followed by three years of supervised release.
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Mora was co-owner with his business partner of Alku Modern Jewelers.
According to prosecutors, Mora failed to deliver pre-paid Rolex watches valued at approximately $3.9 million to a customer. In an effort to pay the customer and others, Mora executed a scheme by which he obtained a total of $500,000 in merchant cash advances via wire transfer by impersonating and using the good credit of his business partner.
Mora eventually admitted his fraudulent dealings to his business partner and to using his partner’s identity to apply for and receive multiple merchant cash advances, according to prosecutors. He was taken into custody in Miami in June 2021 after he failed to appear in court for further proceedings.
Mora will remain in custody pending transfer to a U.S. Bureau of Prisons facility to be determined in the near future.