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(EMAILWIRE.COM, December 08, 2011 ) Asheville, NC -- The police in New York City have closed a three year investigation into auto fraud with the indictment of 18 suspects on multiple felony charges. The ring of alleged criminals are suspected of defrauding 18 auto lenders out of $1.9 million.
The scam worked like this: ''straw buyers'' would take out an auto loan for a high-end vehicle, say a Maserati, Porsche, etc, in exchange for kickbacks and other incentives. The vehicles were then turned over to other members of the ring. Once turned over, the vehicles allegedly were sold or rented out to individuals engaged in other criminal activity. In some cases the vehiclesÂ’ titles were altered for out of state sale to dealers or at auction. A few of the scammers also used the ''straw buyers'' to take out loans for used vehicles or home improvements, but no vehicles would be purchased nor were repairs made.
The somewhat gullible ''straw buyers'' were promised $2,000 and higher credit scores. What they actually got was ruined credit, several lawsuits, and suspended driverÂ’s licenses for unpaid parking tickets, according to Queens D.A. Richard Brown.
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Source: EmailWire.com
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