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Possible 20 years in prison for wire fraud
Rochester, N.Y. -- A Rochester man is facing a maximum penalty of 20 years in prison after pleading guilty to wire fraud.
U.S. Attorney William J. Hochul Jr. announced Wednesday that David Hoffman, 40, pleaded guilty before the U.S. District Judge Charles J. Siragusa.
Along with prison, Hoffman faces a fine of $250,000.
Between June 2008 and September 2008, the defendant operated an auto dealership. He applied for financing from an automotive financing company for an inventory of vehicles.
After receiving the financing, Hoffman then applied for an obtained financing for the exact same vehicles already financed from another financing company.
Hoffman received more than $166,000 in duplicate financing based on the fraudulent scheme for approximately 13 vehicles.
The plea was the culmination of an investigation on the part of the Federal Bureau of Investigation.
Sentencing is scheduled for July 30 at 10:45 a.m. before Judge Siragusa.