Bay State woman pleads guilty to fraudulent bank deals involving car sales

Comment     Print
Related Articles

CONCORD - A Massachusetts woman pleaded guilty in federal court to bank fraud, the U.S. Attorneys has announced.

Donna Silva, 44, of Lowell, Silva was involved in a scheme to defraud several financial institutions in February 2019, according to court documents and statements made in court. The defendants in the scheme applied for and obtained multiple loans to purchase cars purportedly sold by Allied Imports, a Manchester car wholesaler, and Cap's Auto Sales, a Manchester car retailer. The sales were fraudulent because the defendants never owned or greatly inflated the value of the cars. In total, the defendants defrauded the financial institutions of several hundred thousand dollars.

For instance, Silva signed a fraudulent purchase contract and Assignment of Title with Cap's Auto Sales purporting to state that she would buy a car sold by the company. She then used the documents to apply for and obtain a car loan secured by the vehicle, which Cap's Auto Sales did not own or have the title to.

Silva is scheduled to be sentenced on August 15, 2022.

"By submitting false documents to obtain fraudulent loans, the defendant participated in a substantial criminal scheme," said U.S. Attorney Jane E. Young. "As this case demonstrates, we work closely with our law enforcement partners to identify and prosecute those who commit fraud. By working together, we strive to hold these criminals accountable for their unlawful conduct and seek justice for victims."

Read more from:
Comment      Print
Powered by Bondware
News Publishing Software

The browser you are using is outdated!

You may not be getting all you can out of your browsing experience
and may be open to security risks!

Consider upgrading to the latest version of your browser or choose on below: