VIRGINIA BEACH – The former finance manager at a subprime auto dealer was sentenced yesterday to 33 months in prison for his role in a $1.1 million indirect loan scheme.
Authorities said Ashley Wynn, 28, helped arrange auto loans to dozens of ineligible buyers through Car store, a now defunct used car dealership in Virginia Beach. Wynn scammed Navy Federal by preparing false loan documents and provided the credit union with false information and documents concerning a buyer’s income, expenses, employment, and living arrangements.
He also manufactured phony income and employment documents, such as pay stubs and wage and earning statements showing inflated income, which were submitted to Navy Federal. He even arranged so-called straw, or phony, borrowers to take out loans for ineligible customers.
From August 2007 through May 2008, Navy Federal made 61 car loans totaling $1,140,525 that were fraudulently obtained on behalf of people buying vehicles from the Car Store. To date, Navy Federal and several insurance companies have suffered losses on these loans totaling $565,696.
