NASCAR Promoter Indicted In CUFraud

PLYMOUTH - (10/28/05) -- A Detroit businessman was chargedthis week in a six-count federal indictment with using his accountsat Community FCU to help perpetrate a million-dollar fraud on aNASCAR racing team and several local companies. Franklin Ray, whoran Marlin Transport and MNR Productions, was charged with asophisticated check kiting scheme using his credit union account.The indictment charges Ray deposited phony checks at the creditunion, then convinced tellers to honor the bogus paper, accordingto a court records obtained by The Credit Union Journal. Ray isalso accused of posing as an agent for NASCAR and several countrymusic performers in 2002, agreeing to co-sponsor NASCAR races andto schedule music concerts for certain races. The indictment claimsRay used invalid credit cards to finance lavish spending, such ascharter flights, in order to convince the owner of a NASCAR raceteam of his credibility