Maryland man gets prison time for auto loan scheme
ANNAPOLIS, Md. (AP) — A former mortgage broker has been sentenced to more than eight years in prison for defrauding people and financial institutions out of over $1 million through an auto-loan application scheme.
The Capital Gazette of Annapolis reports a federal judge on Friday also ordered 48-year-old John O’Day of Kent Island to pay restitution with interest. The U.S. Attorney’s Office said O’Day will be under supervised release after serving prison time for bank fraud and aggravated identity theft.
The paper says the plea agreement described O’Day admitting he and two co-conspirators submitted at least 30 fraudulent auto loan applications listing him as the seller of the vehicles, even with no ownership interest. It led to checks of nearly $1.2 million for himself and to pay others.
The co-conspirators already pleaded guilty.