LINCOLN, Neb. (AP) - A former Fremont car dealer has been sentenced to a year and a day in federal prison for bilking lenders out of at least $500,000.
Jason Siemer, 46, was sentenced last week in Lincoln’s federal court, the Omaha World-Herald reported. Siemer also was ordered to pay $500,000 in restitution and serve four years of supervised release.
Siemer has already paid $200,000 in restitution, officials said. He was given 90 days to surrender to federal authorities to begin serving his prison sentence.
Siemer pleaded guilty to fraud for obtaining a line of credit from an Omaha bank after creating a false financial statement that failed to include his line of credit from another bank. In exchange for his plea, prosecutors dropped several other charges.
Siemer was initially indicted on 13 counts of wire fraud, two counts of making false statements on credit applications and one count of money laundering. Prosecutors said Siemer created false financial statements to obtain lines of credit and loans from various lenders to buy vehicles - often using money from more than one lender to buy the same vehicle and making personal use of the extra money borrowed.
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