This week, it was announced that a North Miami resident had been sentenced to 12 years in prison for his involvement in an elaborate automobile fraud scheme, which netted more than $1.8 million. 72-year-old Michael “Mickey” Munday of North Miami was sentenced to 144 months in prison. The defendant was convicted of one count of conspiracy to commit mail fraud on January 17, 2018. Evidence presented at trial showed that Munday obtained vehicles from throughout the country utilizing many fraudulent methods.
This included convincing people who were behind on their payments to turn over their vehicles to him in exchange for cash, covertly transporting stolen cars from other states to Florida and illegally repossessing vehicles. Munday and his co-conspirators used several towing and repossession companies as fronts for the illegal activity. After the vehicles were taken, they were hidden from owners, banks and lienholders at several locations.
Then, another co-conspirator prepared and sent false and fraudulent lien notices claiming thousands of dollars in nonexistent tow services to the owners and true lienholders. Sham auctions were held at a strip mall. After the sham auction, the conspirators cleaned the car titles by falsely and fraudulently removing the legitimate owners and lienholders. The cars were ultimately sold to a co-conspirator in the automotive wholesale business at prices below their true market value and resold to local dealerships for a profit.
As a result of the scheme, banks suffered more than $1.7 million in losses. Additional details have been made available here.