July 29, 2013
The defense asked for one year and one day, the prosecutors wanted 18 months, and that’s exactly what our fraudster got after his February guilty plea for bank fraud.
Nothing fancy about the fraud. Seems someone was keeping the money that was intended to go to the bank for the car flooring line.
Defrauded was Montana’s, First Interstate Bank and Dealer Service Corporation.
Says the FBI, “During the course of the investigation, it was learned that the dealership was out of trust possibly since the day they obtained their floor plan loan with FIB as well as Dealer Services Corporation; the dealership sold vehicles with unpaid liens and failed to provide new owners titles; the dealership sold vehicles they did not pay for; the dealership sold extended warranties for vehicles that were not actually purchased from the warranty companies; and the dealership sold vehicles/boats they held on consignment and did not pay the owner.
“Specifically, on August 1, 2008, in Billings, Young sold a 2005 Mastercraft boat with a lien held by Key Bank, of Brooklyn, Ohio. When Young sold the boat at the Auto Plaza, he caused the submission of false loan documents to First Interstate Bank, in that the new purchaser was told there was no lien on the boat. First Interstate Bank believed they were obtaining a first position on the title of the boat and authorized the loan. The loan was funded by First Interstate Bank and the Auto Plaza received the money for the boat purchase.
“In furtherance of the scheme, Young lied to a personal banker at First Interstate Bank about the payoff of the lien to Key Bank, and caused the submission of a false lien release to the Montana Division of Motor Vehicles on behalf of Key Bank for the boat.
And there’s more!
The prosecutor said our perp is continuing his fraudster ways. Allegedly, a customer left a truck for sale on consignment with our perp. The truck went missing. First the customer was told it had been moved to another lot. Then he was told it had been stolen. Trouble is no police report had ever been filed.
The judge told the prosecutor to “refer the matter to the appropriate law enforcement agency for investigation.”