An Egg Harbor Township man admitted to using his Bergen County luxury car dealership to defraud lenders and customers, U.S. Attorney Craig Carpenito said.
Afzal Khan, who also goes by Bobby Khan, used several different means to get money using Emporio Motor Group, including obtaining more than 21 loans for more than $1.7 million.
The cars were never delivered, but the purchaser was still responsible.
In some cases, the cars were delivered but neither Khan nor Emporio had the title. That left the purchaser responsible, but unable to register the car.
The 38-year-old township man also offered to sell cars for individuals on consignment, but did not return the cars or provide any money to the individuals from the sale of the cars.
Khan admitted that as a result of his actions, he exposed the victim bank to a potential loss of at least $550,000.
He was on the FBI's "Most Wanted" list until he turned himself in earlier this year.
Khan faces a maximum penalty of 20 years in prison and a $250,000 fine, or twice the gain or loss from the offense. Sentencing is scheduled for Dec. 17.
Carpenito credited special agents of the FBI’s Newark Division, under the direction of Acting Special Agent in Charge Joe Denahan, with the investigation leading to the guilty plea. He also thanked the Bergen County Prosecutor’s Office and the Ramsey Police Department for their assistance.
