State Farm Defrauded in Auto Loan Scheme
Illinois authorities busted a fraud ring Wednesday, rounding up 11 people for allegedly securing car loans on vehicles owned by other people.The fraudsters provided lender State Farm Bank with specific information about the vehicles they allegedly sought to finance, including make, model, year, and VIN. Of the 12 loan applications submitted to the bank, a unit of property insurer State Farm, 11 were approved. In all, the fraudsters netted more
than $300,000. The leaders of the ring will be charged with organizing a continuing financial crimes enterprise.
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August 27th, 2007 at 06:48
these guys deserved to be in prison for cheating with car loans