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Former Hoboken City Council President Found Guilty of $7M Car Loan Scheme
Christopher Campos, a 40-year-old attorney from Palisades Park, New Jersey, has been found guilty of participating in a massive car loan scheme that defrauded lenders out of over $7 million.
According to the indictment, Campos and his co-conspirators enlisted the help of at least 20 straw buyers to obtain loans for over 200 new vehicles. The buyers were told that they would use the cars for personal use, but in reality, the vehicles were leased to livery cab drivers.
The scheme, which took place between October 2012 and September 2013, involved Campos and his co-conspirators sending straw buyers to car dealerships in the New York City area, where they submitted fraudulent loan applications. The applications falsely represented that the vehicles would be used for personal use, rather than as part of the defendants’ leasing business.
Campos’ co-defendant, Julio Alvarez, had previously pleaded guilty to bank and wire fraud and conspiracy to commit bank and wire fraud. Alvarez is set to be sentenced on September 8, 2017.
Campos, who was found guilty of conspiracy to commit bank and wire fraud, bank fraud, and wire fraud, faces a maximum sentence of 30 years in prison for the conspiracy and bank fraud charges, and 20 years for the wire fraud charge.
The case was investigated by the FBI, with assistance from the National Insurance Crime Bureau, the New York Automobile Insurance Plan, and the New York State Department of Motor Vehicles. The case was prosecuted by the United States Attorney for the Southern District of New York, Joon H. Kim.
Campos is set to be sentenced on September 20, 2017, before U.S. District Judge Valerie E. Caproni.
Key Facts
- State: New York
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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