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Wash. man gets 2 years in car dealer fraud

The Columbian
Published: February 7, 2011, 12:00am

TACOMA, Wash. (AP) — A 47-year-old Vancouver, Wash., man has been sentenced to two years in prison and ordered to pay $219,000 in restitution for a scheme that defrauded used car dealers.

The U.S. attorney’s office says Steven P. Drury was sentenced Monday in federal court in Tacoma for his earlier guilty plea to money laundering.

Court records show Drury established Auto Credit Solutions in 2005. For a fee, Drury offered to bundle a dealership’s car loans and market them to investors, essentially selling the car dealers’ collectable debt. For this service, Auto Credit Solutions required the auto dealers to pay it the car buyers’ first two to three months’ payments. The U.S. attorney’s office says the company collected the fees, but never marketed the loans. Part of the restitution is for auto dealers who dealt with other similar businesses Drury was charged with operating.

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