A former used car dealer was sentenced Tuesday to three years in federal prison followed by three years of supervised probation in connection with a wire fraud scheme. Mitch Simpson was also fined $105,000.
Simpson, a 56-year-old Cornelia resident, pleaded guilty earlier this year to the scheme which concerned floor-plan financing, a type of financing which serves as a revolving line of credit or short-term loan given to a business to purchase inventory. It is commonly used by car dealers.
Click here for a detailed look at how Simpson’s scheme worked: Northern District of Georgia | Former Used-Car Dealer Sentenced to Federal Prison for $3 Million Fraud Scheme | United States Department of Justice
Simpson was operating Mitch Simpson Motors in Cleveland at the time of the wrongdoing.