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...
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