ODOMETER FRAUD COSTS CONSUMERS OVER $1 BILLION
On April 24, 2024, LG (37), of Oak Lawn, Illinois, pleaded guilty to rolling back the odometers on hundreds of used cars which were eventually sold to unsuspecting consumers.
Apparently, LG would purchase high-mileage vehicles at auctions and then rolled back the odometers so that they reflected lower numbers. With those false readings, he then secured lower mileage titles, and sold the cars to dealers (unaware of the scam), who then offered the cars for sale to the general public.
In a written statement, Principal Deputy Assistant Attorney General Brian M. Boynton, head of the Justice Department’s Civil Division, noted that, “According to the National Highway Traffic Administration, odometer fraud causes more than $1 billion per year in losses to consumers …. Odometer fraud is a crime that predominately affects the economically vulnerable, who are simply looking for transportation to work or to school but who cannot afford to purchase a new car. We thank our partners for bringing this matter to our attention.”
Scheduled to be sentenced on October 1, 2024, LG faces up to 5 years in prison.
Bet he wishes he could roll that back.
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