Fraud verdict handed down
bizjournals.com | 2/12/08 | Staff Writer
The former owner of a car dealership in Bartow has been found guilty on nearly two dozen fraud charges and could face 35 years in prison.
A U.S. District Court jury Monday found John C. Giovanetti guilty of 11 counts of wire fraud, 11 counts of bank fraud and one count of conspiracy to commit both.
According to prosecutors from U.S. Attorney Robert E. O'Neill's office, Giovanetti was the owner of Big Oaks Buick Pontiac GMC in Bartow and would have his employees there fax falsified applications for financing to SunTrust Bank using vehicles no longer in the car dealership's possession. The applications resulted in $2.5 million.Giovanetti faces a maximum of 30 years for each of the wire and bank fraud counts, as well as five years for the conspiracy count. He also could be ordered to pay a fine of $2.25 million. A sentencing hearing is scheduled for May 12.