Former auto dealer indicted on bank fraud
MINNEAPOLIS (AP) — A former Northland auto dealership owner is accused of defrauding a bank of $1.5 million.
Federal prosecutors say 47-year-old Jodi Anne Montavon, of Grand Rapids, exaggerated the cost of vehicles in her inventory at Montavon Motors Ford dealership in Grand Rapids. That allowed her to borrow more money from American Bank of North than the cars were worth.
The indictment says Montavon was selling financed vehicles without promptly repaying the amount advanced by the bank to acquire them. The Duluth News Tribune (http://tinyurl.com/8krran2 ) says Montavon is also accused of providing false monthly statements to the bank to conceal her cash flow problems.
The indictment was filed in U.S. District Court in Minneapolis.