Crafty Crook Takes Toyota for $4 Million
Man abuses Toyota buyback program for rusty Tacoma frames with fraudulent paperwork, turning a massive, felony-riddled profit.
In 2008, Toyota made an announcement declaring that they would be buying back over $100 million worth of 1995 to 2000 model year Tacomas. The trucks suffer from detrimental frame rusting issues. However, while Toyota made this decision in good faith to protect its clients’ safety and investments, one man decided good faith could be completely ruled out and saw this as an opportunity to make himself a millionaire.
According to the Charleston Gazette-Mail, Stanley Clark from Poca, West Virginia, took advantage of Toyota’s decision for payout. Dealerships receive the original purchase price of the trucks. However, private owners of the trucks get a 150% refund. It is this fact that let Clark to his clever scheme.
This whole story starts with Clark having run a third-party vendor selected to administer the Toyota buyback program. Working first hand on the program made exploiting it easy work, so that’s what he did. He used a dealership in Kentucky to buy the trucks at wholesale prices. Though, if you’ll recall, dealerships only get a refund of their purchase price. This is where the story takes quite an illegal turn.
In order to get himself into the profit zone, Clark used the identities of West Virginia and Kentucky residents without their permission. Thus, he got his hands on titles for the trucks with these peoples’ names on them. Then, he sold them back to Toyota for 150% of the retail purchase price. In total, Clark’s fraudulent activity netted a total of over $4.3 Million. However, he did not act alone.
It Takes a Village
In order to get these trucks sold back to Toyota, Clark had a load of help from several equally twisted people. The owner of the crooked dealership, James Pinson, ordered employees to create fraudulent titles. Then the Toyota Tacomas were subject to inspection by Frank Russo of Love Lexus in St. Albans, WV. He falsely reported issues with each truck. Finally, Kevin Fluharty, a real Notary Public, forged signatures of those whose identities had been stolen for the title work.
Overall, the old saying “crime doesn’t pay” seems to ring true here. Not only did each and every one of these scumbags get caught, but Clark is set to have to pay back at least half of the $4.3 million as part of a plea deal. We have reason to believe he won’t make it nearly as quickly this time. Additionally, he faces up to twenty years in federal prison. While we don’t yet know what kind of punishment his accomplices will face, we can’t imagine they will be let off early. Don’t steal, people. It’s only going to end badly.
Photos: Toyota