A Georgia man was sentenced to two years in prison for a brazen auto loan fraud scheme that resulted in a staggering loss of $167,528 to Langley Federal Credit Union, Navy Federal Credit Union, and NSWC Federal Credit Union.
NORFOLK, Va. – Sheldon Franklin, 31, of Atlanta, pleaded guilty on February 28, 2016, to his role in the elaborate scheme.
According to the statement of facts filed with the plea agreement, Franklin organized and engineered an automobile loan fraud scheme between October 2012 and August 2014. He recruited several other individuals to provide their personal information, which he used to apply for car loans.
Franklin filled out the loan documents and created associated fake documents, such as pay statements, to submit to the credit unions. Once the loans were approved, the recruits would pick up the checks and provide them to Franklin.
He cashed the checks at a check cashing business or deposited them into business bank accounts that he had established. These business accounts were set up using fake IRS documents and under names that purported to be automobile dealerships.
U.S. District Judge Arenda Wright Allen handed down the sentence to Franklin after he pleaded guilty to bank fraud. Assistant U.S. Attorney Randy Stoker prosecuted the case.
The scheme resulted in a loss of $167,528 to the listed credit unions, leaving many wondering how such a scheme could go undetected for so long.
Franklin’s sentence is a stark reminder of the consequences of such crimes and the importance of protecting our financial institutions.
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Key Facts
- State: Virginia
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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