The Industry's Leading Source For F&I, Sales And Technology

Compliance

Man Arrested, Charged With Series of Car Loan Scams

August 28, 2012

WASHINGTON — A 32-year-old man was arrested and charged with bank fraud in connection with a scheme to defraud individuals and banks of more than $150,000 by falsely promising to sell them luxury cars, the U.S. Attorney for the District of Columbia announced last week.

Benjamin Grey was arrested by the Washington Field Office of the U.S. Secret Service and Metropolitan Police Department (MPD) with band fraud. If convicted, he faces a maximum sentence of 30 years in prison and a $1 million fine.

Grey was arrested following an investigation by the U.S. Secret Service and the MPD. He pled not guilty last week in the U.S. District Court for the District of Columbia. Judge John M. Facciola ordered that Grey remain held without bond pending a court hearing on Aug. 31.

As alleged in court filings, Grey claimed that he ran a car dealership called “Planet Cars” and offered to sell luxury cars, such as BMWs. With Grey’s representations about the car purchase, victims obtained auto loans from banks. After they gave Grey the auto loan checks, however, he never provided the cars. In fact, according to the court filings, Grey never owned the cars in question.

The court filings allege that five separate times in 2009, including four times in October 2009 alone, Grey fraudulently obtained auto loan proceeds in this way. Each of the auto loans were between $29,000 and $35,000. The victimized banks included BB&T and Navy Federal Credit Union, according to the court filings.

The case is being prosecuted by Assistant U.S. Attorneys Jonathan Hooks and Christopher Kavanaugh. The investigation is ongoing.

Comments

  1. 1. HARLEY [ August 28, 2012 @ 01:06PM ]

    SO MY QUESTION IS MOST CAR BUYERS ACTUALLY SHOP THE DEALERS AND ASK FRIENDS OR FAMILY IF THEY HAVE BOUGHT A VEHICLE FROM THIS OR THAT PERSON... MY QUESTION IS WHY WOULD SOMEONE HAND OVER A 35000 CHECK OR CHASH OF ANYKIND WITH OUT PHYSICALLY SEEING THE VEHICLE IT MAKES NO SINCE WHAT SO EVER ... I HAVE BEEN IN THE CAR BUSINESS FOR OVER 10 YEARS AND HAVE NEVER HAD ANYONE HAND ME OVER CASH OR CHECK WITH OUT SEEING OR DRIVING THAT SPECIFIC VEHICLE SO SHAME ON THE PEOPLE THAT ARE OUT THE MONEY

  2. 2. Andy [ August 28, 2012 @ 07:41PM ]

    Most of the people had "blank checks" or as I call em, f$&@ing sight drafts.. That is Navy Federal's M.O.

  3. 3. Don Cox [ August 30, 2012 @ 05:32AM ]

    I cannot believe the comment by "Harley". The crimminals that operate in the darkness and hose anyone they can are the very ones that continue to give the rest of us (working hard and trying to earn an honest living) a bad rep. You should have said "Shame on Benjamin". It's all about the "Benjamins" isn't it?

 

Your Comment

Please note that comments may be moderated. 
Leave this field empty:
Your Name:  
Your Email: