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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.
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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...

Chrysler Recalls Fire Extinguishers

Chrysler Recalls Fire Extinguishers

Chrysler is recalling 62,042 Dodge, Chrysler, and Ram vehicles equipped with Kidde Plastic-Handle or Push Button 'Pindicator' fire extinguishers. These extinguishers may become clogged, preventing the extinguisher from discharging as...

Auto Stocks Outperform Market

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The Kerrigan Auto Retail Index (The KAR Index), a composite of the seven publicl...