NORFOLK, Va. – A former car dealer on Wednesday pleaded guilty to charges of bilking Navy FCU out of $1.5 million in a used car scam.
Jady Brooks, 39, of Atlanta, pleaded guilty to bank fraud and filing a false tax return.
In 2008 and 2009, Brooks obtained 38 car loans totaling $1.5 million for cars that were never purchased. The borrowers who signed the loans split about half of the proceeds with Brooks, according to prosecutors.
The borrowers, who were not identified, believed Brooks was getting them personal loans. Of the 38 borrowers, 12 have fully repaid the credit union and others have repaid part of their loans.
Brooks is scheduled to be sentenced May 7.
Brooks committed the offenses through his now-defunct Norfolk companies, SJ&D Holdings, SJ&D Properties, D&S Acquisitions, and AP Enterprises.
