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Fifth Third Bank loses $27M in vehicle financing scheme

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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.

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