A former Stellantis dealer in California is facing federal charges of defrauding investors out of nearly $8 million that he told them would earn a profit risk-free.
Vincent Elliott Porter spent the money on luxurious vacations and vehicles for himself, the Justice Department said.
Porter, 73, misrepresented the performance of the two Chrysler-Dodge-Jeep-Ram dealerships he owned and lied about what the investments would be used for, prosecutors said. He allegedly promised the investors a fixed rate of return and that their funds would be backed by collateral to protect them.
Instead, Porter, who no longer owns the stores in Lodi and Sonora, blew the money on trips to Pebble Beach and other golf resorts, high-end hotels such as the Ritz-Carlton, “numerous” trips to Las Vegas and Napa Valley, expensive vehicles and other personal expenses, the authorities said.
He’s charged with eight counts of wire fraud, with each count carrying a sentence of up to 20 years in prison and a $250,000 fine.