Dealer escorted out of Dealership in Handcuffs

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As a general rule, it's never good news to see your Dealer Principal escorted out of the dealership in handcuffs. :(

A Chevrolet Dealer in the Tampa Bay area was arrested on fraud charged for allegedly failing to pay-off over $400K in trade liens. The news report indicated that the Dealer Principal remains in jail on a $487,000 bond.

Here's a link to the news report: http://www.myfoxtampabay.com/myfox/pages/Home/Detail?contentId=8100022&version=4&locale=EN-US&layoutCode=TSTY&pageId=1.1.1

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A follow-up story indicates that the subject dealership has closed down because their electricity was shut off for non-payment.

Perhaps the most interesting comment in the news report was the fact that GMAC has been in "total control" of the dealership for the past three month. I wonder if a $500K SOT has turned into a $500K lien payoff issue?

Here's a link to the news report: http://www.theledger.com/article/20081222/NEWS/812220389/0/YOURTOWN24