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. Stocks rise broadly on earnings; Amazon sinks
  2. First Niagara sets aside $45 million
  3. Duquesne University business center helping Hispanic startups
  4. Rule to close coal royalty loophole
  5. PUC approves Columbia Gas pipeline extensions program for homeowners
  6. Education Management removes itself from Nasdaq listing
  7. EQT Corp. boosts profits despite lower gas prices
  8. Highmark seeks double-digit increase for more benefits, heavy use
  9. World’s 1st carbon capture power plant switches on in Canada
  10. Toy sellers to enhance marketing as holidays approach
  11. Hackers rip into heart of open-source software
Subscribe today! Click here for our subscription offers.