Car Dealer Charged with Forging $1 Mil in Fraudulent Loans
(Kansas City)—A Missouri man is jailed in connection with a complex identity theft scheme involving over a million dollars in fraudulent car loans.
Missouri Attorney General Chris Koster and the Jackson County Prosecuting Attorney filed 17 felony charges on Wednesday against Terry Lee Morrow, Jr. who operated under the name Edge Auto Sales in Blue Springs and Independence.
Morrow allegedly used personal information from car sales and financing inquiries to forge dozens of bogus car loans, then sold collection rights back to four automobile-finance companies. Koster says Morrow received over $470,000 from the companies for the right to collect on the loans.
Morrow’s scheme unraveled when a consumer reported a fake car loan on her credit report in 2012. By this time, Morrow had fled to Illinois, continuing his scheme at a dealership known as Silver Star Motors. Authorities apprehended Morrow in DeKalb County, Illinois just as he was attempting to flee the state. He remains in custody in Illinois, pending extradition to Missouri.
Morrow faces the possibility of Life in Prison if convicted of the charges.
Koster says at least 44 Missouri consumers are victims of the scam, and urges anyone who did business with Edge Motors to contact his office at 1-800-392-8222.
Koster says the case highlights the importance of checking your credit report.