Memphis, TN - The United States charged a Memphis man for committing bank fraud against various banks in the Memphis and West Tennessee area. Lawrence J. Laurenzi, Acting U.S. Attorney for the Western District of Tennessee, announced the plea today.
According to the charging instrument, from December 2011 through February 2014, Baron Marshall owned Southwind Auto Sales ("Southwind"). Marshall and unknown co-conspirators, not charged, participated in a deceptive scheme to defraud Shelby County Federal Credit Union, Regions Bank and Bank of Fayette County ("Banks") by applying for loans for associates to purchase luxury vehicles from Southwind.
Marshall would receive the funds from the Banks and then refused to produce vehicle titles to the Banks, and in some instances, released bank liens. As a result of the scheme, the banks collectively suffered a loss of over $244,000.
Marshall pled guilty to one count of bank fraud during the referenced time period. The maximum penalty for bank fraud is 30 years in prison and a $1,000,000 fine. The sentencing hearing will be held on October 6, 2017.
The case was investigated by the United States Secret Service. Assistant U.S. Attorney Damon Keith Griffin is prosecuting the case on the government’s behalf.
Source: U.S. Department of Justice, Office of the United States Attorneys
