RAC Businessman Sentenced for Loan Fraud

FLORENCE, S.C.—Former mobile-home dealer and rental-car business owner Roy Singleton has been sentenced to two years in prison and ordered to pay approximately $835,000 for fraudulently obtaining small-business loans intended for victims of the Sept. 11 attacks.

In October 2001, Singleton claimed to be a victim of 9/11, due to the fact that his chief lender, Bombardier Capital, stopped lending to his business because of the terror attacks. Singleton also said his car-rental business; Majesty Auto Center, Inc., was affected.

Singleton attempted to get a $487,600 Economic Injury Disaster Loan from the Small Business Administration for his Majesty Homes Inc. business. However, U.S. District Judge R. Bryan Harwell noted that the loan was later approved for an additional $300,000.

According to Harwell, Singleton will serve five years of probation after released from prison.

The Small Business Administration has investigated allegations of loan fraud with more than $1 billion distributed to businesses after Sept. 11.

Comment On This Story

Name:  
Email:  
Comment: (Max. 10000 characters)  
Please leave blank:
* Please note that every comment is moderated.

 
 

Newsletter: Sign up to receive latest news, articles, and much more.

Read the latest

Auto Focus Blog: A blog covering fleets, auto rental and the business of cars

The Problem with Valuing Safety Technology

As advanced safety technologies have migrated to mainstream vehicles, retaining value for these options at resale remains an issue.

ELD Mandate: Is Your Head Still in the Sand?

If you think you have 11 weeks to implement an Electronic Logging Device system to meet the Dec. 18 compliance deadline, you really don’t — for a few reasons.

Who Controls Your Vehicles’ Data?

In the name of security, an automaker’s alliance is advocating denial of third-party access to the OBD-II port. Is this going too far?

Job Finder: Access Top Talent. Fill Key Positions.

>