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Rochester Man Pleads Guilty to Wire Fraud
ROCHESTER, N.Y.—A local man has admitted to scamming an automotive financing company out of over $166,000 in a brazen scheme that has left many wondering how this could happen.
David Hoffman, 40, of Rochester, N.Y., pleaded guilty before the U.S. District Judge Charles J. Siragusa, to wire fraud. The charge carries a maximum penalty of 20 years in prison and a fine of $250,000.
According to Assistant U.S. Attorney Tiffany H. Lee, Hoffman operated an auto dealership between June 2008 and September 2008. During that time, he applied for financing from Dealer Services Corporation (DSC) for an inventory of vehicles. But instead of using the money to purchase the vehicles, Hoffman applied for and received duplicate financing for the exact same vehicles from another financing company, Automotive Finance Corporation (AFC).
Hoffman’s scheme was uncovered by the Federal Bureau of Investigation, which has been investigating the case. The plea is the culmination of their efforts.
The full extent of Hoffman’s wrongdoing is still unclear, but it’s evident that he was in it for the money. By scamming two separate companies, Hoffman was able to receive over $166,000 in duplicate financing for approximately 13 vehicles.
Hoffman’s sentencing is scheduled for July 30, 2014, at 10:45 a.m. before Judge Siragusa. It’s likely that Hoffman will face significant time behind bars for his crimes.
The case is a stark reminder that even in the business world, there are those who will stop at nothing to get ahead.
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Key Facts
- State: New York
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release ↗
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