Compliance Program Solutions for Auto Dealers

20
Aug

The Milwaukee Journal Sentinal reports that a couple fraudulently inflated their available credit using convenience checks from other credit cards in order to purchase two new BMW SUVs:

Sergey Mikayelyan, 49, and Rita Grigoryan, 47, fraudulently raised the balances on credit cards in their names by sending to their accounts payment using convenience checks from other credit card accounts, checks that exceeded the available balances on those credit cards, a scam known as a bust-out scheme, according to a criminal complaint…The couple bought two BMW X3s from Autosource Motors in Cudahy late last month for a total of about $32,000, using seven credit cards, and made other large purchases not described in the complaint.

(Hat tip: F&I Magazine Forum)

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