Florida Auto Dealer Convicted In Car Loan Fraud Case

A US District court jury in Tampa on Monday convicted former Bartow, Florida auto dealer John Giovanetti on 11 counts of wire fraud, 11 counts of bank fraud and one count of conspiracy in connection with $2.5 million in car loan proceeds obtained fraudulently from SunTrust Bank. Giovanetti formerly owned Big Oaks Pontiac Buick GMC in Bartow. Evidence presented at trial showed that on at least 11 different occasions, he had employees fax loan funding requests to SunTrust Bank for cars no longer in his dealership’s possession, “resulting in the unlawful receipt by Big Oaks of over $2.5 million.” Giovanetti faces up to 30 years on each wire fraud and bank fraud count and up to 5 years on the conspiracy count. Sentencing is scheduled for May 12, 2008 before U.S. District Judge James Whittemore. Tampa Bay Business Journal here, DOJ here.