N.Y. Dealer Admits to Falsifying Auto Loan Applications
N.Y. Dealer Gerald McDonald pleaded guilty last month to submitting fraudulent loan documents to financial institutions. He faces a maximum of five years in prison and a fine of up to $250,000 when he is sentenced on July 19.
SYRACUSE, N.Y. — The part owner and CEO of a New York-based auto group pleaded guilty last month to submitting false statements on auto finance documents to influence a financial institution.
Gerald McDonald, part owner and CEO of Parkway Country Polaris, Parkway Dodge Chrysler and Jeep, and Parkway Chevrolet and Oldsmobile, faces a maximum of five years in prison and a fine of up to $250,000 when he is sentenced on July 19. He will also be ordered to forfeit $102,498 in restitution.
In March, McDonald admitted to the federal court in Syracuse, N.Y., that he and his sales associates and managers had conspired to submit false information to banks on consumer bank loan applications. According to a press release from the U.S. Attorney’s Office, when a customer did not meet the qualifications for a loan, a co-conspirator sales associate or co-conspirator manager would falsely state or overinflate a down payment in order to secure a loan approval.
As CEO and part owner of the dealerships, McDonald knew and was aware of this practice, the release added.
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