Rocky Mount , NC – May 7, 2012 – A federal judge has sentenced a used car salesman to seven years in prison for defrauding $1.2M in auto loans from Navy Federal Credit Union.
According to the charges, 39 year old Jady Brooks, working in Rocky Mount, N.C., recruited straw buyers to obtain loans from the $48 billion credit union for cars that did not exist. Upon funding, he would then share some of the money with the straw buyers. Regardless of the fact the cars did not exist, some of the buyers made payments to Navy Federal.
Brooks’ lawyer pleaded for leniency before U.S. District Judge Raymond A. Jackson, but the judge rejected that request and sentenced Brooks to a term below federally recommended guidelines.
Citing Brooks’ lengthy criminal record, Assistant U.S. Attorney Alan M. Salsbury asked for a nine-year prison term while Brooks and his lawyer asked for three.
Brooks pleaded with the judge. “I stand here before you today as a man who made mistakes, grave mistakes,” claiming “The effect on his family, he said, “is greater than being in jail.”.
Straw buyers were recruited to sign for loans on cars that did not exist while he was employed at a used-car dealer in Rocky Mount, N.C.
Brooks, scheme netted a reported $1.5 million through fraudulent car loans from Navy Federal.
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