Bank fraud has been a major topic for what seems like decades. One Virginia Beach man was recently convicted of the felony after engaging in fraudulent activities to finance multiple luxury vehicles and pocketing hundreds of thousands of dollars over a two-year period. He now faces decades in prison for manipulating the system and causing harm to others.
There are several forms of bank fraud, but criminals often use it to finance cars
A jury found Dion Lamont Camp, 40, guilty of 19 offenses on March 21st, according to WAVY. The allegations included bank fraud, wire fraud, aggravated identity theft, and fraudulent representation of a social security number. The accusation comes after the man duped several women into relationships and then persuaded them to finance high-end luxury vehicles and get credit cards for him.
Many may ask why the women consented to finance Dion’s vehicles, especially after such a short period of dating. He falsely informed them that the IRS had frozen his accounts. Notably, he used false tax records to sell his story. He would even give them fake pay stubs. After resolving the tax issue, he would promise to finance the luxury cars.
The huge bank scam occurred between 2020 and 2022. During this period, six car loans were obtained through ghost purchasing and double financing. In terms of ghost purchases, this indicates that there was no car to buy. Using this strategy, he obtained financing from both the credit union and the dealership for the same automobile. This means that he not only acquired a fancy car but also a loan from the credit union.
The story does not end there. During the bank fraud trial, they discovered that he also established shell firms with names similar to used car dealerships in the area. He applied for auto loans with six different women. He now faces a sentence ranging from two to three hundred and ninety-two years for his actions. His sentence is planned for September 12th.