ERIE, Pa. - A resident of Erie, Pennsylvania, pleaded guilty in federal court to charges of conspiracy to commit wire fraud and wire fraud in two separate cases, Acting United States Attorney Soo C. Song announced today.
Adam Brayton Coover, 35, pleaded guilty to eleven counts at Criminal No. 16-28 Erie and thirteen counts at Criminal No. 16-30 Erie before United States District Judge David S. Cercone.
In connection with the guilty plea, the court was advised that from in and around May 2015, to in and around March 2016, Coover and a co-defendant engaged in a scheme to defraud auto loan providers by using straw purchasers to buy cars from the co-defendant knowing that the vehicles would not actually be in the possession of the straw purchasers. Coover and a co-defendant also falsified the loan applications to make the straw purchasers appear more credit worthy.
In addition, from in and around May 2015, to in and around March 2016, Coover and two co-defendants engaged in a scheme to defraud auto loans providers by utilizing two straw purchasers to buy vehicles in their own names from Rick Weaver Buick GMC. The vehicles would then actually remain in Coover’s possession. The three facilitated the scheme by falsifying the loan applications to make the straw purchasers appear more credit worthy and by not revealing that the straw purchasers were buying multiple vehicles at the same time. The value of many of the vehicles was also inflated to increase the funds received by the co-conspirators.
Judge Cercone scheduled sentencing for March 19, 2018. The law provides for a total sentence of 40 years in prison, a fine of $500,000, or both for Criminal No. 16-28 Erie and a total sentence of 340 years in prison, a fine of $8.5 million or both for Criminal No. 16-30 Erie. Under the Federal Sentencing Guidelines, the actual sentence imposed is based upon the seriousness of the offenses and the prior criminal history, if any, of the defendant.
Assistant United States Attorney Christian A. Trabold is prosecuting this case on behalf of the government.
The Federal Bureau of Investigation, the Pennsylvania State Police and the Erie Police Department conducted the investigation that led to the prosecution of Coover.
Source: U.S. Department of Justice, Office of the United States Attorneys
