Car Dealer Jailed for $379K Fraud Scheme

0:00On this March 6 in Tampa Bay, here's what is making headlines. A 27-year-old man from Tampa is now headed to federal prison for running a car fraud scheme. Mohamed Jihad Fakhi got four and a half years behind bars after being convicted of conspiracy to commit wire fraud and trying to export a stolen vehicle. He also has the $4,399,000 from the scam. Fakhi worked as a car dealer and used a dealership website to submit phony loan applications. He and a partner made of fake buyers and applied for financing on cars that did not exist. Once the loans went through, the money went straight to Fakhi as the seller. He took it further by filing bogus insurance claims, saying the vehicles got stolen. The plot covered at least six cars worth over $372,000. Fakhi even tried shipping a stolen Rolls-Royce SUV overseas from the port of Savannah. Customs agents stopped that shipment and seized the luxury car before it left the country.

1:02The FBI's joint terrorism task force led the investigation that uncovered the whole operation. Fakhi's lawyer says his client fully owned up to what he did. This case shows how scammers can exploit the auto industry, but authorities are cracking down hard. Support for this DNN episode comes from our sponsor. If earbuds fall out when you sleep, this is for you, a pillow with built-in sound, S-O-L-I-SoliPillo.com.