TUCSON, Ariz. (AP) — A Tucson man has been sentenced to three years in federal prison for his role in an automobile loan fraud scheme.
Prosecutors say 46-year-old Andrew May was sentenced Wednesday after previously pleading guilty to one count of conspiracy to commit mail fraud and bank fraud.
They say May and his co-conspirators fraudulently represented to lenders that they were engaged in the legitimate purchase and sale of vehicles in order to obtain financing from numerous institutions.
The co-conspirators also fraudulently represented that the lenders would receive a lien on the vehicles as collateral for the loans.
However, prosecutors say no legitimate vehicle sales occurred.
The lenders funded about $1.2 million traced to numerous bank accounts controlled by May.
A restitution hearing is scheduled Nov. 19 in U.S. District Court in Tucson.