A Charlotte man was sentenced to eight years in prison for a bank fraud scheme involving a Charlotte car dealership and expensive luxury vehicles.
Michael A. Marshall, 38, will also have to pay more than $425,000 in restitution, according to the U.S. Attorney’s Office.
Marshall and his co-defendant, Frederick Neal, were engaged in the scheme from August 2012 until February 2013, prosecutors said. During that time, they acquired at least seven luxury cars, including a 2009 Maserati Grand Turismo, a 2006 Bentley, a 2011 Porsche Panamera and a 2009 Mercedes Benz SL550.
Marshall would provide the money for down payments for the cars at Planet Suzuki in Charlotte, according to court documents, then finance the rest by getting loans in Neal’s name. But they made false statements on the loan applications, including claiming that Neal earned more than $8,000 a month.
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The pair leased some of the cars to others through Marshall’s company, Luxotic Rentals Inc. But with others, they would create a false lien release letter, which said the car had been paid off. Then they’d present the lien release letter to the N.C. Division of Motor Vehicles and request a new title.
With the new title in hand, the pair would transfer the cars to Luxotic Rentals, then sell them to third parties for cash, as if the vehicles were free and clear of any liens.
In May, a jury found Marshall guilty of making false statements to financial institutions, bank fraud and money laundering. Neal was sentenced in February to 18 months in prison after pleading guilty to conspiracy to commit offenses against the United States.