Latest OnLine Editon  Read Here

Men Face Charges of Defrauding Auto Creditors

Men Face Charges of Defrauding Auto Creditors Featured

Two Pennsylvania men have been indicted by a federal grand jury on charges of conspiracy to commit wire fraud and wire fraud involving straw buys from a used-car dealership.
According to the eleven-count indictment, Adam Brayton Coover and Brian Alex Vergotz engaged in a scheme to defraud auto loan providers by using straw purchasers to buy cars from Vergotz knowing that the vehicles would not actually be in the possession of the straw purchasers. Vergotz and Coover also falsified the loan applications to make the straw purchasers appear more credit worthy.
The scheme took place from around May 2015 to March 2016.
The law provides for a maximum total sentence of 40 years in prison, a fine of $500,000, or both for each defendant. Under the Federal Sentencing Guidelines, the actual sentence imposed would be based upon the seriousness of the offenses and the prior criminal history, if any, of the defendants.

Read 4353 times Last modified on Thursday, 15 September 2016 17:53
Rate this item
(0 votes)
Buy-Here, Pay-Here Operators Plead Guilty To Laundering Money

Buy-Here, Pay-Here Operators Plead Guilty To Laundering Money

The owners of a buy-here, pay-here operation in Louisiana recently pleaded guilty to laundering money for drug dealers.William Paul Boyter, Michael Paul Boyter and Anthony Reuben Riley, all of Shreveport,...

Auto Finance Tops $1 Trillion

Auto Finance Tops $1 Trillion

The total balance of open automotive loans climbed 11.1 percent in the first qua...

  • Men Face Charges of Defrauding Auto Creditors
    Men Face Charges of Defrauding Auto Creditors Two Pennsylvania men have been indicted by a federal grand jury on charges of conspiracy to commit wire fraud and wire fraud involving straw buys from a used-car dealership.According to…
    Written on Thursday, 15 September 2016 16:49
  • Dealer Pays for Targeting Spanish-Speaking Customers
    Dealer Pays for Targeting Spanish-Speaking Customers A Washington State used-car dealer will pay $250,000 for discriminating against Spanish-language speakers at its dealerships.Zein Automobiles Inc., which operates Best Bet Auto Sales and Independence Auto Center, and also…
    Written on Monday, 01 August 2016 17:56
  • FTC Issues Revised Used Car Rule
    FTC Issues Revised Used Car Rule The Federal Trade Commission has announced final amendments to its Used Car Rule.The FTC has sought public comments on a series of proposed changes to the Rule (formally known as…
    Written on Monday, 14 November 2016 01:09
  • CFPB Takes Action Against Title Pawn Firm
    CFPB Takes Action Against Title Pawn Firm The Consumer Financial Protection Bureau took action against TitleMax parent company TMX Finance LLC. The bureau ordered TMX Finance to stop its unlawful practices and pay a $9 million penalty.…
    Written on Tuesday, 27 September 2016 14:19
  • EX-GM Gets 2 Years For Stealing Half A Million From Store
    EX-GM Gets 2 Years For Stealing Half A Million From Store The former general manager of a Pennsylvania Chevrolet store has been sentenced in federal court to two years in jail and ordered to pay $485,800 in restitution on his conviction…
    Written on Tuesday, 12 July 2016 16:29
  • State Shuts Down Repair Shops
    State Shuts Down Repair Shops The Michigan Secretary of State has issued cease and desist orders to five unregistered auto repair shops in Shiawassee, Kent, Bay and Calhoun counties.Justice Recovery & Repair in Durand is…
    Written on Wednesday, 07 September 2016 14:39
  • Former Salesman Gets Prison for Pocketing Payments
    Former Salesman Gets Prison for Pocketing Payments A former salesman was sentenced to at least 16 months in prison for stealing car payments from customers and dealerships in Nassau County. Michael McGriff pleaded guilty to charges, from…
    Written on Tuesday, 13 September 2016 14:19
  • State Warns of Title Fraud
    State Warns of Title Fraud A robbery at a Phoenix title processor has the Arizona Department of Transportation warning consumers about the potential for title fraud. When an authorized third party motor vehicle services business…
    Written on Sunday, 24 July 2016 16:27
  • Dealer Fails to Pay Sales Tax
    Dealer Fails to Pay Sales Tax Biel Semexant Jr., owner of Auction Access USA, doing business as Access 2 Auctions, has been arrested on charges that he stole more than $50,000 in sales tax he collected…
    Written on Monday, 19 September 2016 18:32
  • Buy-Here, Pay-Here Operators Plead Guilty To Laundering Money
    Buy-Here, Pay-Here Operators Plead Guilty To Laundering Money The owners of a buy-here, pay-here operation in Louisiana recently pleaded guilty to laundering money for drug dealers.William Paul Boyter, Michael Paul Boyter and Anthony Reuben Riley, all of Shreveport,…
    Written on Friday, 20 July 2012 00:00