Mississippi man admits to bank fraud by faking invoices for trucks
Published 10:50 pm Tuesday, July 7, 2020
A Mississippi man pleaded guilty Tuesday to bank fraud, admitting that he inflated the cost of trucks he was buying to get extra money from lenders.
Louis Normand Jr., 60, of Diamondhead, could get up to 30 years in prison and a $1 million fine, U.S. Attorney Mike Hurst in Gulfport said in a news release.
U.S. District Judge Louis Guirola Jr. scheduled sentencing Oct. 6.
Hurst said a local bank and private lenders had agreed to lend Normand 80% of the purchase price for “well over” 100 trucks he was buying for resale.
“In order to increase the amount of the loan and decrease the amount of his down payment, he created false invoices inflating the sales price and, therefore, the amount of the loans,” the news release said.
He was lent nearly $5 million — about 130% of the actual purchase price.