Gerald McDonald, Conspiracy to Submit False Statements, New York 2016

Gerald McDonald, 52, of Madrid, NY, pleaded guilty to conspiracy to submit false statements to influence a financial institution in federal court in Syracuse.

According to the plea, McDonald, Chief Executive Officer (CEO) and part owner of Parkway Country Polaris, Parkway Dodge Chrysler and Jeep, and Parkway Chevrolet and Oldsmobile, conspired with sales persons and sales managers to submit false information to banks on consumer bank loan applications.

To ensure that a borrower who would not otherwise qualify for a loan would qualify, a co-conspirator sales person or co-conspirator sales manager would falsely state on the loan application that a cash down payment had been made on a vehicle. In fact, no such down-payments had been made or were overstated in the financing applications.

As CEO and part owner of Parkway, McDonald knew of and approved the use of this practice.

McDonald will be sentenced on July 19, 2016 in federal court in Syracuse by Senior District Judge Norman A. Mordue. He faces a maximum sentence of five years in prison, a fine of up to $250,000, an order of restitution in the amount of $102,498, and an order of forfeiture in the amount of $102,498.

Sentences are imposed by a judge based upon the particular statute the defendant is charged with violating, the United States Sentencing Guidelines, and other factors.

This case was investigated by the IRS-Criminal Investigation and is being prosecuted by Assistant U.S. Attorney Geoffrey J. L. Brown.

Gerald McDonald, CEO of Parkway Car Dealerships, is accused of submitting false information to banks on consumer bank loan applications. He faces up to five years in prison and fines of up to $250,000.

Mandatory facts:
Defendant/respondent: Gerald McDonald
Exact criminal charges: Conspiracy to submit false statements to influence a financial institution
City and state: Syracuse, New York
Exact date: Not specified
Sentence or outcome: Plea, sentencing on July 19, 2016
Dollar amounts: $250,000, $102,498

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