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FBI Put The Brakes On A $4.5 Million Classic Car Fraud Scheme

FBI Put The Brakes On A $4.5 Million Classic Car Fraud Scheme

Joseph Coupal - Tuesday, September 04, 2018
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Have you heard the details about the crackdown on the classic car fraudsters in November 2016? The FBI put the brakes on a $4.5 million classic car fraud scheme bilking buyers out millions. The United States Attorney for the Southern District of New York and the Federal Bureau of Investigation have exposed a Fraud scheme relating to classic cars scamming buyers. We buy cars from 2006 – present and if yours fits somewhere in there, you can sell your car to us FAST, SAFE, and EASY. However, if you’re looking to sell a classic we may just take it off your hands too.

A 25-man group who specialized in setting up fake adverts on the Internet for classic cars, and creating numerous fake businesses to send out money was arraigned for ‘conspiracy to commit wire fraud and conspiracy to commit concealment money laundering’.

They have been doing this since November 2016 until date. If found guilty, they will be jailed for up to 50 years. This is how the scheme worked as coined from the District Court of Southern New York’s indictment notice.

THE FRAUDSTERS MODE OF OPERATION

First, they act as car dealers and collectors that sell classic cars on different popular auction websites via ads. The Victims agree on a price with these fraudsters and are now linked to a supposed auto transportation company that will receive payment and deliver the cars. The owners of these fake transport companies are also part of the scheme.

After the victims have wired the money, the fraudsters immediately start to withdraw the money from different locations at amounts that won’t raise any suspicion from the financial institution.

After withdrawing the money, they send it to an ally who wires the funds outside the USA to different countries in Eastern Europe, which is their origin. The unfortunate result for the buyers is they lose their money and some are left responsible to pay back loans on cars that weren’t for sale in the first place.

Be smart because there are people out there who are dishonest and deceitful. Take extra time and precautions to be sure you will not be a victim of fraudulent vendors.

The FBI putting the brakes on a $4.5 million classic car fraud scheme is a good thing. We may not be in the classic car business, but we buy cars and pay top dollar for them. Remember, we’ll even consider your classic car for top dollar too! See how it works and get the highest instant cash offer you will find anywhere in as little as 20-seconds, and sell your car to us. You’ll be happy you did.

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