Former owners of Milan car dealership plead guilty

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Former owners of Milan car dealership plead guilty to bank fraud : Quad-City Times: Quad Cities, IA/IL :

Former owners of Milan car dealership plead guilty to bank fraud : Quad-City Times: Quad Cities, IA/IL http://takkiosawa.tumblr.com/

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The former owners of a Milan car dealership pleaded guilty to bank fraud charges during a hearing Friday in U.S. District Court, Rock Island. Jens Hirsch, 45, and Pamela A. Hirsch, 55, of Rock Island, the former owners of Blackhawk Auto, pleaded guilty to one count each of bank fraud, conspiracy to commit bank fraud and making a false statement to a bank. Sentencing is scheduled for Sept. 14 . According to a news release issued by the U.S. Attorney’s Office for the Central District of Illinois,

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the Hirsches admitted that with Jens as president and Pamela as vice president and secretary of Strategic Enterprises Inc., doing business as Blackhawk Auto, they defrauded Milan Bank in 2008. Blackhawk Auto, located at 1920 E. 1st Ave., had an agreement with the bank for a line of credit of $1.5 million, which would be used to purchase vehicles for reselling. Upon sale of the vehicles, Blackhawk Auto was to repay the bank the outstanding balance for the respective vehicle.

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The Hirsches admitted they used the proceeds from sales for other uses and failed to repay the bank. The loss to the bank was more than $400,000, but less than $1 million. The penalty for each of the offenses is a prison sentence of up to 30 years and a fine of up to $1 million. However, the plea agreements in the case will determine the final sentence, according to the news release.

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