Former Ga. Dealer Sentenced for $3M Fraud Scheme
Mitch Simpson, the former owner of Mitch Simpson Motors in Cleveland, Ga., was sentenced to 41 months in federal prison after being convicted of stealing a total of $3 million from three floorplan lenders over a seven-year period.
The U.S. Department of Justice laid the case out in detail in a press release, accusing Simpson of “double floor-planning and triple floor-planning” by using the same vehicle as collateral to borrow from any combination of Americash Advance, Dealer Financial Holdings and Floorplan Xpress, thereby violating the terms of his agreements with all three.
“Simpson lied to the very people who were the lifeline to his small business,” said FBI Atlanta Senior Supervisory Resident Agent Mitchell Jackson.
