Man pleads guilty in scheme that defrauded Toyota of $4.3M
ST. ALBANS, W.Va. (AP) — A West Virginia man has pleaded guilty to orchestrating a scheme that defrauded Toyota of more than $4.3 million.
Stanley Clark admitted to fraudulently administering repurchasing transactions at Love Lexus Toyota in St. Albans, the Charleston Gazette-Mail reported, citing an information filed in federal court. He faces up to 20 years in prison at sentencing.
From March 2008 to December 2015, Toyota offered a buyback program for some Tacoma trucks that rusted abnormally quickly. Dealerships would get a full refund, but private owners would get 150% of what they paid.
Clark, who was working as the head of a third-party vendor assigned to administer the buyback program, admitted to using a dealership in Kentucky to buy the trucks, fraudulently obtain titles for them and then send them to Toyota for a 150% refund, the information said.
As part of the plea, Clark agreed to pay back at least half of the $4.3 million, the information said.