Florida Car Dealer Charged In Alleged $8 Million Wire Fraud Scheme

A car dealer in Delray Beach, Florida has been charged with federal wire fraud for allegedly stealing nearly $8 million from investors in December 2020. According to federal investigators, Stephen Neary, the owner of Palm Beach Auto Group, “misappropriated investor funds for his own personal use and benefit, without any notice to, or authorization from, his investors,” WPBF reports.

Neary allegedly “recruited and befriended investors” to fund a scheme that involved buying Mercedes-Benz Sprinter vans that he would then fix up and sell to Amazon thanks to a contact he had at the company. Supposedly, they would be able to turn a profit between seven and 10 percent. However, according to investigators, the vans never existed in the first place, and the documents and VINs that Neary provided were forged.

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