CHARLESTON, S.C. (AP) - Two South Carolina used car dealers have been sentenced to 40 months in federal prison after they pleaded guilty to bank fraud.
Acting U.S. attorney for South Carolina Kevin McDonald says 39-year-old Floyd Hargrove of Beaufort and 32-year-old William Toadvine of Mount Pleasant were sentenced Tuesday and ordered to pay restitution of $421,014.
The Post and Courier of Charleston reported that the two admitted making false and misleading loan applications to lenders from 2003 through 2005 while operating the Car Connection in Beaufort. The applications were falsified to make customers appear to be more creditworthy and mileage on cars was changed to make them appear more valuable for collateral.
Many of the loans the two processed were not repaid.
Information from: The Post and Courier, http://www.postandcourier.com
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