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Fifth Third Bank Loses $27M in Financing Scam

September 3, 2013

CHICAGO — Ten people were charged in an automotive sale scam that defrauded 20 lenders, including Fifth Third Bank Corp. Fifth Third lost $27 million as part of the plot, reports Bloomberg.

A former motorcycle and recreational vehicle dealer, his accountant and fake buyers were indicted for defrauding lenders of more than $56 million.

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  1. 1. Bubba B [ September 03, 2013 @ 12:44PM ]

    Great underwiting Fifth Third - give yourselves a pat on the back. Sure - the perps should go to jail, but Fifth Third deserves some of the blame.

  2. 2. Joey P. [ September 04, 2013 @ 10:19AM ]

    Couldn't agree with Bubba B. more. Know yer customer! Can anyone say FARGO?
    This Bubba B. form the big A?


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