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.
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