Article of the Day: Dealer tricked GM out of Billions

This one is quite an interesting read. A local story taking place in Port Jefferson. To make a long and intriguing story a bit short, basically this local dealer went to GMAC (General Motors Acceptance Corporation) for $6 Billion in financing to finance 247k vans that he bought from a different dealership and would sell across the world. The only issue is that the vans, the dealership, etc... didn't exist. He supplied GMAC with fake Vins bought from a fake company, get financing from GMAC, 'sell' them to a different fake company, and keep all the financing money for himself. At a profit at about $25k a van (Remember, the vans don't actually exsist). This McNamara fellow plead guilty in Sept 1992 after 11 years of scamming. Approximately $6 Billion dollars was transfered over those years to McNamara. His whereabouts are unknown now, as he was let free and able to keep millions of dollars from the scheme. Quite the crazy tale. What do you think about it all, write in the comments! Be sure to read the full article for a better explained story, much more details. You don't be disappointed.

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