Chicago-Area Motorcycle Dealer Sentenced in Fraud SchemeJoel Rosenblatt
A Chicago-area motorcycle dealer and his accountant were sentenced to prison for a financing fraud that caused 18 lenders including Fifth Third Bancorp to lose more than $58.8 million.
Russell Ott, 51, of Oswego, Illinois, the owner of Morris, Illinois-based Pro Source Motorsports, was sentenced to 13 1/2 years, and his accountant, Brian McMahon, 55, of Naperville, Illinois, was sentenced to 2 1/2 years, Zachary T. Fardon, U.S. attorney for in Chicago, announced in an e-mailed statement.
Fifth Third lost as much as $27.1 million as part of the bogus vehicle-financing plot. Ott recruited fake buyers who shared fraudulent loan proceeds with him while the vehicles they were purportedly buying didn’t exist.
In light of other sentences, McMahon’s was “too high,” his lawyer, Michael Petro of Chicago, said in a phone interview. “Any time you get top-down cooperation, this is what ends up happening. The most culpable person came in and gave him his version of events,” he said, referring to Ott.
Ott’s lawyer, R. James Haule of St. Charles, Illinois, declined to comment on the case.
The case is U.S. v. Ott, 13-cv-00695, U.S. District Court, Northern District of Illinois (Chicago).