Daily News: August 30, 2013

Chicago Tribune: Fraud Scheme Nets $56MM From Lenders

The Chicago Tribune reported that the owner of a recreational vehicle dealership and nine others were indicted on charges they defrauded more than $56 million from lenders in an alleged scheme involving bogus vehicle sales.

The article said Russell Ott, owner of Pro Source Motorsports, was charged with bank fraud for fraudulently obtaining from a bank more than $30 million from a revolving line of credit and using his position to obtain 200 loans based on fake vehicle paperwork, citing authorities.

Fifth Third Bank, which extended a $31 million credit line to Ott’s business, lost $27 million, according to the indictment, the Chicago Tribune said.

To read the full Chicago Tribune article click here.