Wednesday, May 12, 2010

Nashville car salesman gets 51 months in prison for $2.7M fraud

A former Nashville car salesman has been sentenced to 51 months in prison in a $2.7 million bank fraud scheme.
According to a news release from the U.S. Attorney's Office for the Middle District of Tennessee, Andrew Crutcher, 53, got millions of dollars in checks from people who thought they were providing capital for car sales that he claimed to be brokering.

In reality, Crutcher used the money for personal expenses and to repay some investors who believed they were reaping the profits of their investment.

The scheme resulted in a loss of more than $980,000 to Bank of Nashville and about $1.8 million to 10 investors between May 2005 and February 2006.

Crutcher pleaded guilty in federal court in October 2009.

In addition to jail time, he will be required to pay $2.7 million in restitution.

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