Man Pleads Guilty to Federal Charge for Falsifying Auto Loans
A man who was indicted for defrauding auto loan providers pleaded guilty Monday to a single count of conspiracy to commit wire fraud in federal court.
Brian Vergotz, 50, entered the plea before United States District Judge David Cercone. Ten other counts of wire fraud were dropped.
Vergotz and another co-defendant, Adam Coover, are accused of using straw purchasers to buy vehicles from Vergotz from May 2015 to March 2016, according to an indictment handed down in September 2016.
Vergotz and Coover also made the straw purchasers appear more credit worthy in falsified loan applications, the court said.
The vehicles were then placed into inventory and sold or used by Coover's businesses, Infinity Automotive and Infinity Transport.
Vergotz remains free on $10,000 bond pending sentencing April 16, 2018.
He faces up to 30 years in prison, a fine of $1,000,000 or both.
The FBI, Pennsylvania State Police and Erie Police Department conducted the investigation.
Copyright 2017 Erie News Now. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.