Auto Loan Fraud Earns Man Two-Year Sentence
A 28-year-old Maryland man was sentenced to two years in federal prison last week for submitting 17 false car loan applications and stealing more than $357,000 from five credit unions over two years.
Duane Akuffo of Bowie, Md., pleaded guilty to bank fraud in May in U.S. District Court in Baltimore.
He admitted to falsely representing income, employment and submitted fraudulent pay stubs, used vehicle buyers’ orders and verifications of insurance on loan applications. He also admitted to falsely representing on loan applications that the borrowed funds would be used to purchase luxury cars, according to court documents.
From June 2010 to August 2012, Akuffo submitted bogus loan applications amounting to more than $530,000 to the $2.7 billion State Employees Credit Union of Maryland in Linthicum, the $60 billion Navy Federal Credit Union in Vienna, Va., the $762 million Educational Systems Federal Credit Union in Greenbelt, Md., the $359 million Security Plus Federal Credit Union in Baltimore and the $1.3 billion NASA Federal Credit Union in Upper Marlboro, Md.
Relying on the fake applications, the credit unions issued loans totaling $357,356, court records show.
Akuffo submitted numerous applications in his own name, but he also recruited at least nine other individuals to submit fake applications.
Though Akuffo made several payments to make the loans appear legitimate, Akuffo or one of the other applicants would default on the loans.
Akuffo also was ordered to make restitution of $357,356 by U.S. District Court Judge Catherine C. Blake.