Ex NJ Dealership Staffer Charged in Theft Scheme
Former Nissan store ad executive arrested. Prosecutors say he established shell companies to hide crimes.
The thief's connection with the shell companies was concealed via an online payment processing service used to bill the corporate credit account.
IMAGE: Getty Images/rudall30
A former employee of a New Jersey Nissan dealership was charged this week in a $1.3 million money laundering and theft case.
Detectives arrested Martin D’Amato, 37, who previously headed digital advertising for Pine Belt Nissan in Toms River.
Prosecutors say charges to the dealership for advertising contracts to shell companies were at the heart of the scheme. D'Amato was authorized to hire freelance ad and marketing firms to promote Pine Belt Nissan, the prosecutor's office said. The dealership discovered the scheme in an internal review that showed its credit card expenses exceeded budgeted amounts, according to an Ocean County Prosecutor’s Office news release.
An “elaborate shell company scheme” was used to misappropriate more than $1.3 million from the dealership, the release indicates.
The dealership credit card was charged for services never rendered, and the prosecutor’s office said D’Amato's connection with the shell companies was concealed via an online payment processing service used to bill the corporate credit account. The service then transferred the money to accounts he controlled, the news release said.
Originally posted on Auto Dealer Today
More Industry
Autos More Appealing
Consumers gave new cars better scores again this year for design, performance and more as mass-market brands kept gaining on premium lineups, JD Power found in an annual poll.
Read More →
Used EVs Defy Overall Market
While the used-car market saw three months of price declines or stagnation, the used EV segment did the opposite – rising for three straight months.
Read More →
Gone to the Dogs
A Stellantis brand decided to have some fun with one of its SUVs’ design to address growing emphasis on family pets.
Read More →
OEM Poll Sees Industry Evolution
Kerrigan Advisors’ survey of automakers finds that tariffs, technology, network tightening and other factors are poised to reshape auto retail.
Read More →
Luxe N.C. Dealerships Change Hands
A collection of Italian and English brand franchises were handed off to the owner’s friend in the business and include the Carolinas’ only Ferrari retail stores.
Read More →
Exposure Drives Interest in Chinese Cars
At a recent demonstration, consumers had the chance to ride in a Chinese-branded vehicle, a firsthand experience that improved their perceptions and purchase intent.
Read More →
Automotive Consumers Sink Further in Debt
Most financing metrics hit records in the second quarter as more buyers locked themselves into long terms and high monthly payments.
Read More →
Agent Advocate
Rob Mancuso, who comes from a long line of auto dealers, values general agents’ place in the industry and makes a case for them taking an even bigger seat at the table.
Read More →
Driving Under Distraction
Though consumers gave higher marks to new vehicles in JD Power’s most recent initial-quality poll, high-tech interference worsened, pointing to craving for simplicity.
Read More →
Affordable New Cars a Thing of the Past
More than one out of five new vehicles sell for more than $60,000, according to Edmunds. That's up 7% compared to prepandemic 2019.
Read More →