A automobile seller in Delray Beach, Florida has been charged with federal wire fraud for allegedly stealing almost $8 million from buyers in December 2020. According to federal investigators, Stephen Neary, the proprietor of Palm Beach Auto Group, “misappropriated investor funds for his own personal use and benefit, without any notice to, or authorization from, his investors,” WPBF stories.
Neary allegedly “recruited and befriended investors” to fund a scheme that concerned shopping for Mercedes-Benz Sprinter vans that he would then repair up and promote to Amazon because of a contact he had on the firm. Supposedly, they’d be capable to flip a revenue between seven and 10 %. However, in accordance with investigators, the vans by no means existed within the first place, and the paperwork and VINs that Neary supplied had been solid.
Neary additionally faces two separate lawsuits from buyers who declare he used the cash they thought was getting used to purchase Sprinters to as a substitute repay the mortgages on a number of houses, in addition to purchase a aircraft and a number of other luxurious automobiles for himself. Neary additionally reportedly purchased a rental for his mom who probably didn’t know that he was utilizing stolen cash to pay for it.
Neary’s legal professional, Andrew. P. Gold, advised WPBF, “Charges were brought without the authorities ever sending a target letter or otherwise contacting Mr. Neary or his counsel to advise that he was under investigation or to hear his side of the story.” Gold additionally insisted that he believed the choose would take Neary’s aspect. They are additionally countersuing, claiming that he’s the precise sufferer on this scenario because the investments had been truly loans, and he was being charged as a lot as 40 % in curiosity.
If Neary is convicted, wire fraud carries a sentence of as much as 20 years in jail, in addition to a high-quality of as much as $250,000 for every occasion of wire fraud.
Source: jalopnik.com