According to the ledger.com John Giovanetti, former owner of Big Oaks Buick Pontiac GMC, Inc., located at Bartow, Florida, was found guilty by a federal jury of wire fraud and bank fraud. According to this story, Mr. Giovanetti was using advances from his credit line to run the dealership rather than acquire vehicles for sale. It was asserted that there were fraudulent documents which were submitted to the finance company, SunTrust, listing vehicles that had already been sold by Big Oaks. The indictments specifically read “that the money obtained from the bank was used to finance their daily operations and support of the owner’s lifestyle.” This just demonstrates that not only do the customers need to be careful but the bank’s lenders as well. Be careful, be very careful.

The Law Office of Jonathan Rudnick is a law firm in Red Bank/Middletown New Jersey with significant experience in litigating against automotive dealerships.

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