News

Banker Sentenced To Prison For Auto Loan Scam

View Comments
File photo of a prison cell. (Photo by GABRIEL BOUYS/AFP/Getty Images)

File photo of a prison cell. (Photo by GABRIEL BOUYS/AFP/Getty Images)

Featured Items

Small-WttNEW College Football Playoff System

Small-WttTinder Fun With Arian Foster Tweets

77820352_8Hot Cheerleader - Funny Faces 2014

From Our CBS Music Sites

77820352_8Awesomely Ugly Christmas Sweaters

77820352_8Houston Astros Tweet: Taylor Swift Concert Will Be Moved If They Make Postseason?!

459651046 Banker Sentenced To Prison For Auto Loan ScamThese Names Tend To Land On Santa's Naughty List

77820352_810 Weirdest Requests From Kids To Santa

Get Breaking News First

Receive News, Politics, and Entertainment Headlines Each Morning.
Sign Up

MIDLAND, Texas (AP) — A former West Texas credit union officer has been sentenced to 18 months in prison and must repay $4.1 million in an auto loan scam.

A federal judge in Midland on Monday sentenced 41-year-old Michael Ross Franco of Midland. Franco last November pleaded guilty to conspiracy to commit bank fraud related to Motor City in Odessa.

Investigators say Franco worked at My Community Federal Credit Union from 2006 until 2008 and was involved with nearly 500 fraudulent auto loans. Prosecutors say Franco accepted more than $29,000 in kickbacks after approving loans to customers who did not meet lending standards. The credit union lost millions of dollars.

Motor City owner Raymond Holguin Jr. and sales manager Gustavo Pizarro earlier pleaded guilty to conspiracy to commit bank fraud. Both await sentencing.

(© Copyright 2013 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

View Comments
blog comments powered by Disqus
Follow

Get every new post delivered to your Inbox.

Join 26,095 other followers