Bank fraud is a hot topic and has been for what seems like forever. Recently, one Virginia Beach man was convicted of the crime after spending more than two years using fraudulent activity to finance multiple luxury cars and pocketing hundreds of thousands of dollars. Now, he’s facing decades behind bars for gaming the system and harming others in the process. 

There are several forms of bank fraud, but criminals often use it to finance cars

According to WAVY, Dion Lamont Camp, 40, was convicted by a jury on March 21st for 19 charges. The charges were for bank fraud, wire fraud, aggravated identity theft, and false representation of a social security number. This comes after the man conned multiple women into relationships and then convinced them to finance high-dollar luxury vehicles and obtain credit cards for him. 

Many may wonder why the women decided to finance the vehicles for Dion, especially after what seems to be only a short time of dating. Apparently, he would tell them that the IRS had frozen his accounts. Notably, he showed them fake tax documents to truly sell his story. He’d also give them counterfeit paystubs. Then, he’d promise to pay for the luxury cars once he had resolved the tax situation. 

This widespread bank fraud happened between 2020 and 2022. During this time, he acquired six loans for cars by using ghost purchasing and double financing. Regarding the ghost purchasing, this means there was no car to purchase. With this method, he got financing from the credit union and the dealership for the same vehicle. This means not only did he get a luxury car, but he also received the loan money from the credit union. 

The story doesn’t end there. During the bank fraud trial, they learned that he also opened shell companies with names similar to used car dealerships in the area. Regarding the women he used to apply for auto loans, there were six in total. Now, he’s facing between two and 392 years for his crimes. His sentencing is scheduled for September 12th.