Man convicted of scam to get repossessed Bentley back | Crime
(WMC-TV) – A Collierville man admitted in court today that he scammed a pair of banks in order to buy back an expensive luxury car that had been repossessed.
Ernest Draper pled guilty one count of conspiracy in a federal court in Memphis today.
Draper said he received a $40,000 loan from American General Finance Company. Draper said that he also received a loan for more than $41,000 from Wells Fargo Bank. He told officials from both companies that he planned to use the money to purchase a Mercedes.
Additionally, Draper admitted that he lied when applying for the loan from Wells Fargo. He said that he used a phony tax return and made a $20,000 down payment on the car.
However, Draper told the court he never intended to purchase the German car. Instead, he used the money to buy back an English car that had been repossessed.
The Collierville man told the court he deposited the money from the loans into another man’s bank account and that man used the funds to purchase a 2004 Bentley at auction for Draper.
Draper had owned the car previously, but it had been repossessed by the finance company.
Draper will be sentenced in September. He could face up to 5 years in prison and face a $250,000 fine.
Copyright 2012 WMC-TV. All rights reserved.
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