Mitchell C. Simpson, a former used car dealer from Cornelia, Georgia, has been sentenced to 3 years and 5 months in federal prison for wire fraud. Simpson defrauded multiple floor-plan lenders by using the same vehicles as collateral for multiple loans, a practice known as double or triple floor-planning.
Simpson’s fraudulent scheme resulted in a loss of over $3 million to the lenders. He was convicted on July 2, 2024, after pleading guilty to the charges.
“Simpson abused his position of trust and hurt the companies that enabled him to operate his business,” said U.S. Attorney Ryan K. Buchanan. “Our office, along with our law enforcement partners, is dedicated to investigating and prosecuting individuals who take advantage of others under false pretenses.”
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“Simpson lied to the very people who were the lifeline to his small business,” said FBI Atlanta Senior Supervisory Resident Agent Mitchell Jackson. “We value our partnerships with local and state law enforcement to ensure these offenders are held accountable and the victims get justice.”
The FBI investigated the case, and Assistant U.S. Attorneys John Russell Phillips and David A. O’Neal prosecuted the case.
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