Columbia, SC - COLUMBIA, SC (WMBF) – A Columbia car dealer has been sentenced in federal court on charges of fraud.
Frank M. Price, 50, was sentenced to 37 months in prison and ordered to pay restitution of about $492,000 after being convicted of two counts of bank fraud and one count of mail fraud.
U.S. Attorney Bill Nettles said on three separate occasions in Feb. 2007, and Jan. and May of 2009, Price falsely represented to banks and customers that he had certain vehicles in his possession or control available for sale.
The banks issued loans to Price's customers and Price accepted payment of the loans on behalf of his customers. Price kept the loan proceeds without providing a vehicle to the customers or returning the loan to the bank or the customers.
U.S. District Judge Matthew J. Perry, Jr. sentenced Price.