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Press Release

Georgia Man Sentenced for Auto Loan Fraud Scheme

For Immediate Release
U.S. Attorney's Office, Eastern District of Virginia

NORFOLK, Va. – A man who executed an elaborate auto loan fraud scheme was sentenced today to two years in prison for bank fraud.

Sheldon Franklin, 31, of Atlanta, pleaded guilty on February 28. According to the statement of facts filed with the plea agreement, Franklin organized and engineered an automobile loan fraud scheme resulting in a loss of $167,528 to Langley Federal Credit Union, Navy Federal Credit Union, and NSWC Federal Credit Union. Between October 2012 and August 2014, Franklin 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.

Dana J. Boente, U.S. Attorney for the Eastern District of Virginia; and Robert B. Wemyss, Inspector in Charge of the Washington Division of the U.S. Postal Inspection Service, made the announcement after sentencing by U.S. District Judge Arenda Wright Allen. Assistant U.S. Attorney Randy Stoker prosecuted the case.

A copy of this press release is located on the website of the U.S. Attorney’s Office for the Eastern District of Virginia. Related court documents and information is located on the website of the District Court for the Eastern District of Virginia or on PACER by searching for Case No. 2:16-cr-80.


Joshua Stueve
Director of Communications

Updated May 25, 2017

Financial Fraud