US authorities have convicted James Pinson, the owner of the Kentucky-based used car dealership called Big Blue Motor Sales, of wire fraud, mail fraud, aggravated identity theft, and money laundering conspiracy. Pinson defrauded Toyota of more than $4.3 million by misusing a Toyota Customer Support Program.
The convict purchased Toyota trucks at wholesale prices at auction. He then used copies of driver’s licenses of Kentucky and West Virginia residents to fraudulently title the trucks in their name. Thereafter, Pinson fraudulently persuaded Toyota to buy back the trucks at 150% of their retail price. During 2013-15, Toyota issued 350 checks in the names of fake truck owners. Pinson deposited all checks into his bank account by forging signatures. He used the illicit funds to further his scheme and purchase property. He also bribed a Toyota dealership manager and a person in charge of implementing the Customer Support Program.
Pinson could face up to 24 years in prison when he receives his sentence on March 3, 2022. He will also need to pay restitution of $4.3 million to Toyota. Additionally, he will have to forfeit all property linked to the scheme.
Source: US Department of Justice