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Feds: Fake FinCo Scored 80 Auto Loans Worth $1.7M

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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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.

Check The Stubs

Fraudulent paystubs are a serious threat to your dealership and the trust you’ve built with your finance companies.

The New Employee You Just Hired Committed Bank Fraud: The Value Of Background Checks Cont'd

Carlos Rodriguez - Now that background checks are more common, job seekers are recognizing the importance of taking steps to ensure that information in the public domain is correct and presents them in an appropriate light.