Norfolk, Va. – Andysheh Ayatollahi, 36, of Virginia Beach pleaded guilty on Monday to charges of conspiracy to commit financial fraud and for filling a false tax return.
In July of 2007, Ayatollahi purchased 50 percent interest in the Car Store, which is the name of the used car dealership in Virginia Beach.
From then until May 2008, Ayatollahi worked with others, including Car Store workers, to defraud the Navy Federal Credit Union.
Ayatollahi fraudulently caused the Navy Federal Credit Union to issue 61 car loans with a loan amount totaling in $1,168,904.97.
Navy Federal Credit Union lost $867,448.43 due to the loans going into default.
Ayatollahi’s false tax returns also resulted in a tax loss of $113,093.
He will be sentenced in July and is facing up to 33 years in prison.
