PITTSBURGH- A former North Carolina resident has been
sentenced in federal court to 18 months imprisonment and three years of
supervised release on his conviction of wire fraud, United States Attorney
Scott W. Brady announced today.
Chief United States District Judge Joy Flowers Conti imposed
the sentence on David Charles Smith, 44, of Denver, North Carolina.
According to information presented to the court, Smith, who
operated a business named DCS Auto Consulting that acted as a broker for the
sale of high-end vehicles, devised a scheme to defraud his customers. Smith
ultimately used DCS Auto Consulting much like a Ponzi scheme in which Smith,
through a series of misrepresentations, solicited and obtain money from vehicle
purchasers. Smith would then fraudulently use the monies from the vehicle
purchasers to repay other customers who had previously provided Smith with
money to purchase vehicles, or to purchase vehicles that Smith intended to sell
to other customers. As a result of Smith’s illegal activities, a Murrysville
business suffered a loss of $270,000, and Smith was ordered to pay $339,000 in
restitution.
Assistant United States Attorney Brendan T. Conway
prosecuted this case on behalf of the government.
United States Attorney Brady commended the Federal Bureau of
Investigation for the investigation leading to the successful prosecution of
Smith.
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