TribLIVE

| Business


 
Larger text Larger text Smaller text Smaller text | Order Photo Reprints

Fifth Third Bank loses $27M in vehicle financing scheme

On the Grid

From the shale fields to the cooling towers, Trib Total Media covers the energy industry in Western Pennsylvania and beyond. For the latest news and views on gas, coal, electricity and more, check out On the Grid today.

By Bloomberg News
Friday, Aug. 30, 2013, 12:01 a.m.
 

Fifth Third Bancorp. lost $27 million as part of a bogus vehicle financing plot, federal prosecutors in Chicago disclosed on Thursday.

Ten people were charged in the alleged $74 million automotive sale scam, in which a former motorcycle and recreational vehicle dealer, his accountant and fake buyers were indicted for defrauding 20 lenders, including Fifth Third, of more than $56 million.

All 10 defendants were charged with bank fraud and eight were charged with tax offenses in a 36-count indictment.

Subscribe today! Click here for our subscription offers.

 

 
 


Show commenting policy

Most-Read Business Headlines

  1. McDonald’s replaces CEO amid sales decline, effort to transform image
  2. U.S. Steel maps out greater efficiency for 2015
  3. Super Bowl draws big increase in first-time advertisers
  4. Super Bowl ads win by playing to viewers’ emotions, experts say
  5. ‘Patient’ Fed keeps interest rates flat
  6. SEC alleges BNY Mellon bribed foreign investors by handing internships to their relatives
  7. Stocks lose footing on Fed statement
  8. Former athletes open businesses
  9. Pennsylvania shale gas producers received hundreds of environmental citations in 4 years, PennEnvironment says
  10. MSA Safety products in demand to protect workers in dangerous jobs
  11. Obamacare enrollment up in Pennsylvania