Clarksville Auto Dealer Charged With Bank Fraud
Credit Union Losses Totaled More Than $368,000
NASHVILLE – A Clarksville, Tennessee, auto dealer was charged today with bank fraud, resulting from a fraudulent scheme in which he obtained loans from several credit unions for the same vehicles, announced U.S. Attorney Mark H. Wildasin for the Middle District of Tennessee.
Andrew Oliver, 31, of Cadiz, Kentucky, the owner of First Choice Auto Sales in Clarksville, Tenn., and AJ’s Auto Sales in Hopkinsville, Kentucky, was charged in a criminal information with obtaining loans from several financial institutions on the same vehicles. The Information alleges that Oliver inflated his income on loan application documents and omitted the fact that he had already obtained loans from other financial institutions regarding the same vehicle.
Specifically, the information alleges that Oliver obtained loans totaling $215,000 from three credit unions for the purchase of the same Cadillac and obtained loans totaling $340,000 from six credit unions for the purchase of a Ford F-450. The fraudulent loans caused a total loss to the credit unions of $368,585.52.
If convicted, Oliver faces up to 30 years in prison and a $1 million fine.
The United States also seeks to forfeit any property derived from the proceeds of the crime, including a money judgement in the amount of $368,585.52.
This case was investigated by the FBI and is being prosecuted by Assistant U.S. Attorney Kathryn W. Booth.
The charges are merely accusations. The defendant is presumed innocent until proven guilty in a court of law.
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