Va. Beach man guilty in bank loan scam, tax fraud
NORFOLK
A Virginia Beach man pleaded guilty in federal court Monday to stealing $550,000 in a bank loan scam as well as filing false tax returns.
Donald A. Lawson Jr., 46, and co-conspirator Lawrence Pettaway, 43, obtained used car loans from Navy Federal Credit Union but never purchased any vehicles. Pettaway pleaded guilty earlier this year.
Between 1998 and 2008, Lawson worked as a tax return preparer for Computer Tax Service Electronic Filing in Norfolk, and after that he opened his own business called CTS Electronic Filing LLC in Chesapeake.
Lawson admitted to filing phony returns for a number of clients, reporting to the Internal Revenue Service that they lost money in business ventures when no businesses existed.
In 2007 and 2008, Lawson filed phony loan documents intended to purchase used cars, but he instead pocketed $550,000, giving some of the proceeds to Pettaway and small amounts to the clients. The clients believed they were getting a personal loan and not a used car loan, according to court filings.
Lawson pleaded guilty to two counts of bank fraud and two counts of filing false tax returns. He faces up to 30 years in prison on the bank fraud counts and three years on the tax charges. He'll be sentenced Sept. 26. Pettaway is to be sentenced July 7.
Prosecutors Katherine Lee Martin and Alan Salsbury declined to comment beyond the court filings.
Tim McGlone, (757) 446-2343, tim.mcglone@pilotonline.com It is illegal to spend money obtained from financial institutions for car loans for other purposes because those institutions EXPECT the proposed vehicle to serve as collateral during the term of the loan. Whether you pay them back or not is irrelavent ... by NOT purchasing the vehicle, the obtainer of the loan has REMOVED repossession of the car as an alternative the bank can employ to defray loss of investment should the loan default. Obtaining money for a specific purpose and deliberately using it for another purpose is obtaining money under false pretenses ... commonly called "fraud". It should be noted they forged the signatures on the applications as well. Because getting a loan on a car is a secured loan. Meaning if the person borrowing the money doesn't make payments then then the collateral can be collected... ex: the bank gets the car. By taking those loans and having no cars that are there if a person doesn't make payments the bank gets nothing.
Navy Federal Bank - News
Donald A. Lawson Jr., 46, and co-conspirator Lawrence Pettaway, 43, obtained used car loans from Navy Federal Credit Union but never purchased any vehicles. Pettaway pleaded guilty earlier this year. Between 1998 and 2008, Lawson worked as a tax return
According to court documents, Lawson also pleaded guilty to two counts of bank fraud for filing falsified loan applications at Navy Federal Credit Union in 2007 and 2008 and using the $550000 in awarded loan money for personal use.
City of DeLand, other circuit civil; OneWest Bank FSB v. Jorge Batencourt, real property; Wells Fargo Bank NA v. William Huber, real property; Navy Federal Credit Union v. Larry A. Sandberg, real property; Total Benefit Management Inc. v.
Experian's just-released first quarter report ranked Navy Federal Credit Union the 20th largest used vehicle lender in the country by market share. The $44 billion credit union had 0.67% of market share in the first quarter,
into his accounts at local branches of the Bank of America, Chase Bank, and the Navy Federal Credit Union. All were less than the $10000 that requires banks to report large cash deposits to federal authorities. "In many cases, the defendant would make
How long does Navy Federal Credit Union Take to Process At Boot Camp?
My husband has been in RTC in Great Lakes for a month now & i still havent got his navy federal credit union info yet? I have three kids to support & we are seriously depending on this money to survive? I thought the navy or any military occupation really take care of the families? Anyways can someone please let me know how long it should take for me to get that information and get a paycheck from him? Thanks so much.
You don’t get a separate paycheck from him, there is no paychecks actually issued any more in the military. For Navy the first pay can take up to 6 weeks to be paid, it will though be backdated to the date he started. He wouldn’t have been paid yet, the earliest pay he would see would be on October 15th if he started before mid September. If he started after mid September then it wouldn’t show up until Nov 1st.
Navy Federal is not part of the military at all it is an independent bank that is open to personnel and their families in the Military.
If he put in the proper address & information then you should receive a letter from NFCU in the mail. They will issue him a Debit card in his name only and a separate PIN will appear in the mail as well. If he put his Boot Camp address then he will receive it. The only way you will have access to this money is if you get the Debit Card and PIN in the mail, if you don’t then you are going to have to wait until he graduates. If he didn’t have a bank account before he left then he would be required to use NFCU or another one. If he did have a bank account and took the information with him, then he could use that account for pay.
Have you received an envelope in the mail yet that has a Form DD1172 for you to get a Military ID card? That comes around week 3 or 4.
This is something he should have been told by the Recruiter. The fact that your husband got in with 4 dependents is amazing. If he went in as an E1 he will only get around $900 a month in Basic Pay, if he is higher then that a little more. There will be BAH anywhere between $600 to $1600 a month for rent & utilities.
Navy Federal needs to hurry up n send me my new bank card....I cant shop without it :(
I use both!lol RT : navy federal or bank of america?
Should I apply for this job at Navy Federal. (btw that's a bank for you unfamiliars)
Goin up to Navy Federal Tommorow & put this $$$$ in the bank
Navy federal has yet to send me my mail...I thought you guys were a good bank Navy Federal Bank - Bookshelf
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