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NN car dealer sentenced in fraud case
Updated: Monday, 11 Feb 2013, 6:03 PM EST
Published : Monday, 11 Feb 2013, 6:03 PM EST
NEWPORT NEWS, Va. (WAVY) - The owner of a Newport News dealership has been sentenced to serve more than two years in prison and pay just under $1 million in restitution fees.
According to Peter Carr with the U.S. Attorney's Office, 46-year-old Virgil Williams of Hampton was sentenced to 34 months in prison on charges of wire fraud. He pleaded guilty last September.
Williams owned Showcase Exclusive Imports, Inc. in Newport News. His line of credit collapsed in 2006, so he obtained financing by using fraudulent bank statements. He also used earning reports that caused extensive losses to lenders and was ordered to pay $965,000 in damages.
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