Edinburg car dealer charged in $1.6M fraud of San Antonio credit union
SAN ANTONIO — An Edinburg car dealer has been charged by the FBI with defrauding a San Antonio credit union out of $1.6 million.
Sterling O'Connor King, 49, has signed an agreement to plead guilty to bank fraud in the swindling of Southside Credit Union, which had extended his Carbills S.A. wholesale-retail business a line of credit financing.
The FBI had previously withheld the identity of King and his business when it charged a former credit union executive earlier this year with covering up irregularities related to the car dealer transactions.
Southside financed the dealer's inventory, and Carbills received beyond the tiny credit union's lending limits to any one customer, records said.
More at http://www.mysanantonio.com/news/local/article/Car-dealer-charged-in-1-6M-fraud-5038795.php?cmpid=hptopstories .
