Legal Question in Banking Law in North Carolina

financial fruad???

I work for an autopmobile dealer. This dealer floorplans(borrows money to purchase the inventory) a good portion of their inventory. After the slae of each individual vehcile floorplanned, the dealer has 72 hours to payoff the vehicle and obtain the title. Here is what actually happens. The vehicle is not paid off and the money is used for other purposes. We receive 48 hour advance notice that bank inspector is cominhg to do a floorplan check. All customers are called who purchased vehicles that are not yet paid off. An excuse is given as to why we need their vehcile. They bring the car back and we give them something to drive(non floor planned vehicle). Their vehicle is washed, stickers put back on and placed on lot to look like it is for sale. The bank inspector comes and checks everything. Everything looks ok and after he is done the customerrs are called back to get their vehicles( of course with all the stickers now off, their license plates put back on, etc. My question. What if any laws have I broken by helping the dealer do this and has the dealer broken any laws.


Asked on 9/10/07, 9:14 am

1 Answer from Attorneys
David Anderson Anderson Business Law LLC

Re: financial fruad???

You0 should document this and then go to the Attorney General's office. You should get immunity established first and seek protection under all applicable Whistleblower Statutes.

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Answered on 9/10/07, 9:24 am


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