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Synthetic identity theft is wreaking havoc among American retailers. Compliance guru offers a buyback prevention checklist for dealers and F&I professionals.
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The long list of offenses committed by dealers and other highly successful people proves desperation is not the only cause of criminal behavior.
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Six operators of a nonexistent auto finance company have been sentenced to federal prison or probation for fraudulently obtaining $1.7 million worth of loans from banks and credit unions.
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Hoover Mitsubishi’s Mark Hoover has sued two former employees accused of doctoring auto loan applications, a scheme that led to an FBI raid and the shuttering of the dealership.
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The Arizona Department of Transportation has charged Randall Cepi with fraud, forgery, and theft, accusing the former employee of a Flagstaff Nissan dealership with stealing a customer’s nonpublic personal information to secure a loan for a used Chevrolet Corvette.
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The former owners of Jacksonville, Fla.’s Riverside Chevrolet will pay more than $1 million in restitution and fines to settle charges of failing to pay trade-in liens, state sales tax, and employee withholding taxes.
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Mehdi and Saaed Moslem have been charged with tax and bank fraud after IRS and FBI investigators say they uncovered a scheme to hide — then inflate — income from their Upstate New York auto dealership.
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A new-to-market, data-driven solution has reignited the discussion over intentional vehicle overvaluation, a form of bank fraud that remains prevalent despite a string of dealer lawsuits and regulatory actions.
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Expert lists four all-too-common situations in which failing to understand underwriting guidelines or falsifying required stips — by dealership or finance source personnel — can constitute not just noncompliance but outright fraud.
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Compliance expert Max Zanan announced the launch of Dealership Fraud Hotline, a new service designed to help dealers combat corruption.
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