Latest OnLine Editon  Read Here

Dealership Faces Charges of Finance Fraud

Dealership Faces Charges of Finance Fraud Featured

A dealership located in Erie, Pa., and three men have been indicted on charges of conspiracy to commit wire fraud and wire fraud.
The 13-count superseding indictment named Rick Weaver Buick-GMC Inc., along with Adam James Weaver, Douglas Alan Grooms, and Adam Brayton Coover.
According to the superseding indictment, from May 2015 to March 2016, Coover, Grooms and Weaver engaged in a scheme to defraud auto creditors by utilizing two straw purchasers to buy vehicles in their own names from Rick Weaver Buick-GMC. The vehicles would then remain in Coover’s possession. The three facilitated the scheme by falsifying the finance applications to make the straw purchasers appear more credit worthy and by not revealing that the straw purchasers were buying multiple vehicles at the same time.
The value of many of the vehicles was also inflated to increase the funds received by the co-conspirators.
The law provides for a maximum total sentence of 340 years in prison, a fine of $8.5 million, or both, for each defendant. Under 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.

Last modified on Friday, 11 August 2017 17:55
Rate this item
(0 votes)

Start the day with the information you need to succeed!
Click here to sign up for our newsletters!

  • State Fines Motorcycle Dealer for Environmental Violations
    State Fines Motorcycle Dealer for Environmental Violations The Vermont Department of Environmental Conservation (DEC) fined a motorcycle dealer in the state almost $25,000 for multiple violations of…
    Written on Saturday, 19 August 2017 12:46
  • Auction Raise Funds for Local Charity
    Auction Raise Funds for Local Charity Dealers Auto Auction of the Rockies designated the month of June as its Month of Giving to help raise awareness…
    Written on Saturday, 19 August 2017 12:46
  • Westlake Educates Employees
    Westlake Educates Employees Westlake Financial Services recently launched another segment of the Westlake Certification Program for employees interested in expanding their skill-set for…
    Written on Saturday, 19 August 2017 12:46
  • Dealership Pays for VIN Etching Claims
    Dealership Pays for VIN Etching Claims A New York Nissan dealership paid almost $300,000 to settle charges that the store deceived customers by selling VIN etching.
…
    Written on Saturday, 19 August 2017 12:46