Two sentence in loan fraud in South Carolina

Acting United State Attorney for South Carolina, Kevin McDonald announced that two individuals have been sentenced for their involvement in conspiracy to commit loan fraud.

Floyd Hargrove, age 39 from Beaufort and William Toadvine, age 32 from Mount Pleasant were sentenced to forty months in federal prison. The two pleaded guilty to bank fraud and were ordered to pay restitution in the amount of four hundred twenty one thousand fourteen dollars.

Mr. Beaufort and Mr. Toadvine admitted to submitting fraudulent loan applications to auto lending institutions between the years 2003 and 2005. The two operated an auto dealership called Care Connection in Beaufort, South Carolina. The two admitted to falsifying loan applications to make the borrower appear creditworthy. The mileage submitted on the auto loan applications was also fraudulently submitted in order to make the value of the automobile appear more valuable as collateral.

The majority of the loans that were made where never repaid to the lenders involved.


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