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.

 

 
 


Show commenting policy

Most-Read Business Headlines

  1. Highmark’s new REMWorks Sleep Store will sell sleep apnea equipment
  2. Apple CEO Tim Cook: ‘I’m proud to be gay’
  3. Kennametal profit, sales improve in 1Q, but forecast reduced
  4. Bayer profit edges higher, raises forecasts
  5. Profit falls at vitamin retailer GNC Holdings in third quarter
  6. CCAC, Energy Innovation Center respond to energy industry’s growing demand
  7. Range Resources reports $146M in Q3 profits on record Marcellus production
  8. Hedge funds sue to block EDMC deal
  9. Marcellus shale boom lifts Civil & Environmental Consultants of Robinson
  10. Roundup: WesBanco to acquire ESB Financial for $324M; PNC to replace credit cards used during Home Depot breach; more
  11. II-VI profit up on broad revenue gains
Subscribe today! Click here for our subscription offers.