Joseph E Stasney, Wire Fraud, North Carolina 2023

Buddy Stasney

In a shocking case of deceit, Joseph E. Stasney, a/k/a Buddy Stasney, 59, of Denver, N.C., has pleaded guilty to wire fraud, for executing a fraudulent auto loan scheme to obtain in excess of $250,000 from a financial institution. Stasney, the former owner of Buddy Stasney Buick GMC, Inc., (later named Buddy Stasney Automotive, Inc.), a used car dealership located in Lincolnton, N.C., admitted to defrauding a financial institution of more than $250,000. According to filed plea documents and today’s court hearing, Stasney engaged in an auto loan scheme in which he fraudulently obtained money from a financial institution by submitting falsified loan applications on behalf of his victim-customers.

Between February and December 2015, Stasney negotiated the sale of vehicles with prospective customers, but fraudulently submitted loan applications on their behalf that contained misrepresentations regarding the current status and terms of the transactions and loans. In some instances, customers were falsely told their loan had not been processed when in fact it had. In other instances, Stasney defrauded customers who were refinancing loans by falsely telling them that the proceeds of their new loans had been used to pay off their existing loans, when, in fact, Stasney never paid off the customers’ prior auto loans and the victims remained obligated for those loans.

Once the fraudulent loan proceeds were deposited into the car dealership’s bank account, Stasney diverted the funds and used a portion to pay for expenses unrelated to his business. The maximum statutory penalty for the wire fraud charge is 20 years in prison and a $250,000 fine. Stasney was released on bond following his guilty plea.

Acting U.S. Attorney William T. Stetzer commended the FBI and USPIS for leading the investigation, and thanked the North Carolina Department of Motor Vehicles for their invaluable assistance. Assistant U.S. Attorneys Caryn Finley and Graham Billings, of the U.S. Attorney’s Office in Charlotte, is prosecuting the case.

The case serves as a stark reminder of the devastating consequences of deceitful business practices. As the investigation unfolds, it is clear that Stasney’s actions have left a trail of financial devastation for his victims. The Grimy Times will continue to follow this case and provide updates as more information becomes available.

In related news, the North Carolina Department of Motor Vehicles has announced plans to increase oversight of used car dealerships in the state. The agency has vowed to take a closer look at the business practices of dealerships and ensure that they are operating with transparency and integrity.

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