Federal prosecutors accuse a former Fremont car dealer of misleading lenders and defrauding customers in a three million dollar fraud scheme.
Prosecutors accuse Jason Siemer, former owner of Siemer Auto in Fremont, of obtaining short-term loans to buy vehicles at auction, promising to pay off the loan once the car was sold. Instead, according to prosecutors, Siemer would often take out loans for the same car, hiding his borrowing from one institution from another. Prosecutors contend Siemer would use lines of credit for personal enrichment and to purchase vehicles for others.
The scheme allegedly began in September of 2014 and ran until the end of 2016. Prosecutors say Siemer received lines of credit from four lenders, Eide Wholesale, Automotive Capital Services, Westlake Flooring, and the United Republic Bank in Omaha, totaling nearly $10 million.