4 Plead Guilty to Fraud Scheme at Car Dealership
Four former employees of one of the nation’s largest car dealerships pleaded guilty Monday to charges that they defrauded a number of banks and thrifts out of $50 million in automobile loans.
The massive fraud scheme by employees of the defunct dealership, Grand Wilshire Group of Companies in Glendora, victimized Union Bank, Imperial Savings Assn., First Los Angeles Bank, Heller Financial Inc., General Electric Capital Corp. and other institutions that had extended a total of $300 million in credit to the dealership, prosecutors allege.
Among those who pleaded guilty were Bruce Li, 31, of Chino, the executive vice president of the firm. Li admitted instructing employees on how to delete negative information in TRW credit reports of customers who had bought cars from GWG. The reports were used to secure loans for the autos, Assistant U.S. Atty. Ronni MacLaren said.
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