posted October 22, 2007
The former finance manager of Ducktown Dodge in Polk County has been charged with bank fraud.
Authorities say Albert Powell has agreed to plea guilty in the case on Nov. 19 at 1 p.m.
He is accused of fraudulently assisting customers to obtain loans to finance their purchases "for which they were not creditworthy."
Prosecutors said the sales manager, Mark Kavanaugh, with the knowledge and consent of owner Erik Brucker, instructed Powell to create false tax returns, pay stubs and other fraudulent documents to support the loan applications.
On Monday, a Knoxville loan officer who authorities say was in on the scheme, pleaded guilty before Federal Judge Sandy Mattice.
Baron Mayes pleaded guilty to bank fraud and faces sentencing on Jan. 14.
Prosecutor John MacCoon said SunTrust Bank lost over $600,000 on the loans arranged by Mayes.
He said Mayes was given cash by Ducktown Dodge officials and allowed free use of vehicles.
Powell was finance manager at Ducktown Dodge from January 2003 until December 2005.
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