Six South Carolinians Sentenced in Auto Loan Scheme
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UPDATED: Feb 9, 2021
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United States Attorney William N. Nettles sentenced six individuals from South Carolina for an auto loan scheme that Nettles claimed was an attempt to commit bank fraud.
Those sentenced for conspiracy to commit bank fraud were William Brian Toadvine, Donald Toadvine, Floyd Hargrove, Daniel Kosmer Jr., Joyce Pozniko, and Elizabeth Donnelly. All six are accused of providing false statements on auto loan applications, according to ABC News.
A seventh individual, Colin Slaven, was also involved, but he pled guilty and is now awaiting sentencing.
The six sentenced individuals committed bank fraud by taking out auto loans with false documentation.
This sort of scheme is similar to Pell Grant running wherein the scammers use fake identities or false loan applications to trick an institution into issuing a loan. Scammers of this sort often bounce from institution to institution, hoping to recycle their tactics over and over against unsuspecting victims.
The guilty individuals conned over 16 banks out of more than $800,000, sometimes using the proceeds from one auto loan to pay off other auto loans in an attempt to keep their scheme running.
However the FBI reported that the accused pled guilty to their crimes at the end of last year, and at least three of the individuals faced up to 30 years in prison.
So far, however, the individuals’ punishments have been far lighter. The Toadvine brothers each were sentenced to two years in prison followed by five years of supervised release. Hargrove received one year in prison followed by five years of supervised release. The other three received just three years of probation.
Slaven’s punishment has yet to be decided.