MORRIS, Ill. — The Chicago Tribune writes that the owner of Pro Source Motorsports in Morris, Ill., and nine other people have been indicted for allegedly defrauding more than $56 million from lenders in a bogus vehicle sales scheme, federal officials said Thursday.
The Chicago Tribune says 50-year-old Russell Ott was charged with bank fraud for fraudulently obtaining more than $30 million from a revolving line of credit and using his position to obtain 200 loans based on fake vehicle paperwork, authorities said.
The scheme employed a number of straw buyers, who, authorities said, used money obtained by Ott through the scheme to fund lavish lifestyles and business investments, writes the Chicago Tribune.
Otto is also accused of enlisting eight buyers who made straw purchases of RVs.
According to eNews Park Forest, Pro Source sold new and used motorcycles, luxury motorhomes, recreational vehicles, all-terrain vehicles, boats, and jet skis.
For the complete story from the Chicago Tribune, click here.
For the complete story from eNews Park Forest, click here.