Several credit unions and banks were allegedly defrauded out atleast $200,000 through a purported scam in Michigan that involved inflated auto loans and forgedtitles.
|According to the Combined Auto Theft Unit in Grand Rapids,Mich., three area men were arrested last week for allegedly erasinglienholder information on titles in order to take out multiplesloans on the same vehicle.
|Local media outlets reported the suspects sought loans for vehicles that were no more than $2,500. However,loans were obtained for up to six times the value of the autos. In some cases, the loans were secured for nearly$14,000, according to police officials.
|The alleged scam began in mid-December, ran for three months andsupposedly bilked nine credit unions and banks out of at least$200,000, according to the Combined Auto Theft Unit. The names ofthe financial institutions were not released.
|Among the vehicles obtained by the three suspects were a 2007Chevy pickup, a 2005 Cadillac and a 2000 Chevy pickup.
|Police officials said some of the extra money obtained by thesuspects was used to support a gambling habit.
|The suspects are set to be charged with conducting criminalenterprises.
|Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
- Exclusive discounts on ALM and CU Times events.
- Access to other award-winning ALM websites including Law.com and GlobeSt.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
