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4 F&I Scenarios That Can Lead to Bank Fraud

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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Fake Dealer Gets 5 Years for Fraud, Drugs

Gene Earl Easterling will serve 63 months in federal prison on bank fraud, mail fraud, and drug charges following an investigation that determined he posed as an auto dealer to obtain $682,980 in loan checks.

Pa. Dealer Agrees to Pay $2.1 Million to End Prosecution Into Bank Fraud

According to the U.S. Attorney’s Office, Hallman Chevrolet falsified loan documents as well as costume jewelry brought in by customers as collateral for purported down payments over a six-year period beginning in 2009. The dealer, David Hallman, accepted responsibility for the scheme and agreed to pay a $1.4 million fine and more than $737,000 in restitution to end federal prosecution.

Auto Finance Sources Team Up to Combat Fraud

Thirteen finance sources representing a third of U.S. auto finance originations met last week to take a bite out of the estimated $6 billion in annual fraud losses.

5 Serra Nissan Employees Arrested

The indictment of the five dealership employees follows federal charges levied against two other Serra Nissan sales managers earlier this year. They are facing federal charges related to a scheme to fraudulently boost loan approvals and car sales.

Chicago Dealer Accused of Hiring Hit Man to Kill Fraud Witness

A Chicago car dealer allegedly schemed to have his uncle, who was a witness in a federal fraud case, killed. The dealer offered $10,000 to an undercover agent posing as a hit man, according to the Chicago Sun-Times.

Car Dealer Pleads Guilty in Financing Scam

The former operator of a West Texas dealership and two others are accused of devising a plan to approve loans for customers who did not meet a credit union’s lending standards. The credit union lost $3.9 million as a result of the scam.

Sales Manger Accused of Falsifying Loan Documents

The former sales manager at Serra Nissan was indicted by a federal grand jury for bank fraud. He pleaded not guilty to devising a scheme to defraud Capital One Auto Finance.

Modesto Dealers Sentenced to Prison for Bank Fraud

Two brothers who owned and operated several California dealerships were sentenced to more than four years in prison and ordered to pay more than $600,000 in restitution for conspiring to commit bank fraud.

Antique Auto Dealer Sentenced for Bank Fraud and Money Laundering

Texas dealer sentenced to prison for federal bank fraud and money laundering. He must also pay more than $1.4 million in restitution.