Pinoy car dealer sentenced to 10 years of prison, ordered to pay $29.7m
A decade of prison for the Filipino car dealer convicted for a multi-million dollar scheme.
A federal judge sentenced Eminiano Jun Reodica to ten years of prison for a massive bank fraud scheme, that defrauded backs $64 million. He was also ordered to pay back nearly $30 million in restitution.
The Philippine-born Reodica was president of the Grand Wilshire group of companies. At the time it was the third largest car dealership in the US.
Under the scheme, Reodica would use the same car as collateral for two banks, he would direct workers to forge signatures and would sometimes reposes and resell cars without telling banks.
After fleeing to Australia, he was eventually arrested five years ago during a layover in LAX.
He pleaded guilty in 2015 to 26 counts of bank fraud, and making false statements to financial institutions.