Ex-auto dealer to be sentenced for defrauding bank
by Associated Press
Published: March 17,2011
Tags: automobile dealerships, bank fraud, banking and finance, courts, fraud
OXFORD — Former Oxford automobile dealer Dino Jerry Grisanti will be sentenced May 26 on federal charges of defrauding Regions Bank.
Grisanti pleaded guilty last October. The Northeast Mississippi Daily Journal reports that he faces up to 30 years in prison and a $1 million fine.
Prosecutors say Grisanti admitted to a $2-million scheme to defraud Regions Bank, which gave his Grisanti Rebel Motors a line of credit to buy vehicles for retail sale.
Grisanti remains free on a personal recognizance bond.
Prosecutors say Grisanti concealed the sale of 66 vehicles from Regions and lied to the bank about how many actually were sold. They say the scheme ran between Oct. 26 and Nov. 6, 2007.
Source: The Associated Press
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