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.

Daily Photo Galleries

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. If you get this letter from the IRS, it’s legitimate
  2. Corporate missteps hurt reputations, profits, sometimes in long run
  3. Home appraisal is below sales price — now what?
  4. Venting online about job protected
  5. France plane crash victim’s father calls for airlines to focus on pilot welfare
  6. Farmers fund research on gluten-free wheat
  7. Stafford: Hirers bemoan wasted time with some applicants
  8. Credit card use reflects confidence, flat wages
  9. Falling demand for steel not likely to reverse any time soon
  10. Komando: Boost cellphone signal when nixing landline
  11. Stop foreign dumping, U.S. Steel CEO Longhi tells Congress