Dealer Admits to Financing Non-Existent Cars Featured
14 December 2017
A Louisiana car dealer pleaded guilty to taking out loans totaling $177,000 for three cars that didn’t exist. Larry Wayne Toms Jr. pleaded guilty to one count of bank fraud. According to the guilty plea, Toms, who is a car dealer in Bossier City, La., submitted fraudulent loan applications for the purchase of three cars from June 1, 2015 to July 23, 2015 to the Post Office Employees Federal Credit Union in Shreveport. The credit union disbursed $177,000 to Toms. The three vehicles listed in loan applications did not exist.