Fla. Auto Loan Maven Charged With $100M Fraud

Law360, New York (November 23, 2010, 6:54 PM EST) -- Prosecutors have unsealed a grand jury indictment against a Florida woman they say conned investors into giving her secondary auto loan company more than $100 million that she used to fund her own lavish lifestyle.

Lydia I. Cladek guaranteed investors in Lydia Cladek Inc. a return of 15 to 20 percent for up-front investments that she would purportedly use to buy discount-rate high-interest auto loans from used car dealerships, according to an indictment filed Friday and unsealed Tuesday in the U.S. District Court for the Middle...
To view the full article, register now.