Operators of fraudulent auto financing company in Georgia sentenced to federal prison
Michael Miller and Melvin Goode Wentt have been sentenced for their roles in a bank fraud conspiracy involving seven defendants, over 80 fraudulently obtained auto loans, and $1.7 million in bank and credit union losses. Four other co-defendants previously pled guilty. One defendant is awaiting extradition from the United Kingdom.
“These defendants’ ‘creative financing’ company specialized in ‘auto loan conversions,’ which was simply fraud,” said U.S. Attorney Byung J. “BJay” Pak. “This scam was designed to trick lenders, which in this case were mostly credit unions, into granting loans for sham car sales. While the businesses in their scheme may have been make-believe, the federal sentences they received are very real.”
“Bank fraud is not a victimless crime and these defendants will now have time to reflect on their choice to obtain these fraudulent auto loans,” said Chris Hacker, Special Agent in Charge of FBI Atlanta. “The FBI treats these types of financial crimes very seriously and warns anyone considering this type of criminal activity to also consider the fate these defendants face as a deterrent.”
“The defendants carried out a scheme to fraudulently obtain millions of dollars in loans to enrich themselves. The sentences handed down in this case will hold these individuals accountable for their criminal misconduct,” said David M. McGinnis, U.S. Postal Inspector in Charge of the Charlotte Division. “Postal Inspectors will continue to work with our law enforcement partners to detect, investigate and mitigate the effects of these types of financial crimes.”
Read more: https://allongeorgia.com/georgia-state-news/operators-of-fraudulent-auto-financing-company-in-georgia-sentenced-to-federal-prison/