HAMILTON — Hamilton police have arrested a car salesman as part of an investigation into an alleged fraud where luxury vehicles were bought under stolen identities and then re-registered or exported overseas.
A 44-year-old man from London, Ont., faces several charges, including 14 counts each of fraud over $5,000 and obtaining credit by fraud.
Police allege the sales representative used his position at a local dealership to fraudulently acquire 14 high-end vehicles between November 2023 and March 2024.
They say the purchases were allegedly financed by loans taken out under stolen identifies without the victims' knowledge, in a scheme that left the dealership and financial institutions with $1.5 million in losses.
Police say only one vehicle has been recovered so far and most of them have been exported out of the country or re-registered.
Police say the investigation is still active and more arrests are expected.
This report by The Canadian Press was first published Sept. 4, 2024.
The Canadian Press