Toyota will pay a $1.2 billion financial penalty — the largest penalty ever imposed on an automotive company — for concealing and making deceptive statements about two safety issues affecting its vehicles in 2009, the U.S. Department of Justice announced last week.
According to a report from The Advocate, Raymond Christopher Reggie, former brother-in-law to U.S. Sen. Ted Kennedy, is charged with six counts of money laundering. In his scheme, two Louisiana car dealers lost a combined total of $1.1 million.
Frank Fletcher Ford in Joplin, Mo., is the latest victim of an embezzling controller who admits to stealing about $88K from the dealer, according to court documents filed in the U.S. District Court for the Western District of Missouri Southwestern Division.
A former used-car dealer based in Oklahoma City will serve 16 months in prison and pay $276,000 in restitution. The man was charged with taking out duplicate loans on multiple vehicles.
Operators of Mike’s Auto Sales Inc. and A-1 Auto Finance Company were charged with money laundering and wire fraud.
The former owner of a Bordentown, N.J.-based car dealership was arrested for allegedly defrauding local banks of more than $7 million in a check-kiting scheme, according to the U.S. Attorney’s Office.
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