Industry News

Former car dealer sentenced in real estate fraud

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A former Nashville car lot owner was sentenced to nine years in prison for his role in a mortgage fraud scheme resulting in the theft of $240,000 from First Tennessee Bank, prosecutors told last week. David B. Todd III, who owned the former Park Place Motor Cars lot, was sentenced Tuesday after having been convicted by a jury Nov. 1 of theft and conspiracy to commit theft, reports said. The investigation, which stretched 20 months, was difficult to unravel and prosecute, Jim Milam, assistant district attorney general at the Davidson County District Attorney's Office, told NashvilleCityPaper. "This scheme had a lot of different moving parts, and they all had to be synchronized in order to make the thing happen," Milam said, according to reports. Milam said Todd and David John, a mortgage broker, were able to pocket more than $170,000 by getting the bank to loan money on a house that was overvalued by about $500,000, according to reports. John also received a ni...