KENTWOOD, Mich. – An employee of a local used car dealership has been accused of creating bogus paystubs for low-income loan applicants in order to trick credit unions into approving loans for the borrowers.
Christopher William Martin, 55, has been charged by authorities with false pretenses of more than $20,000, a crime punishable by a maximum of 15 years in prison, after he allegedly falsified the paystubs for low-income customers at AA Auto Sales here, according to MLive.com.
Martin, finance manager at AA Auto Sales, allegedly defrauded Lake Trust CU out of more than $55,000 during 2014 as part of the scheme. MLive.com reported that another employee may also be charged in a similar scheme that involved Honor Credit Union.