Man admits loan fraud in car deals

A Bedford man has pleaded guilty to fraud charges in connection with more than $670,000 in loans allegedly obtained to buy classic cars.

Officials said Stephen Lussier, 41, former part-owner of Classic Cars of New England in Merrimack, pleaded guilty Tuesday to bank fraud and two counts of wire fraud.

The maximum prison sentences for bank fraud and wire fraud are 30 and 20 years, respectively.

U.S. Attorney Thomas P. Colantuono and Warren Bamford, special agent in charge of the FBI’s Boston Division, said in a press release that it is “very unlikely” that terms of that length will be imposed when Lussier is sentenced by U.S. District Court Judge Joseph DiClerico on May 18. Classic Cars conducted the consignment sale of classic cars.

In 2007 and 2008, officials say, Lussier obtained 30 secured automobile loans, totaling more than $670,000, and used them to cover various debts instead of using them to buy and sell automobiles.

He also hid the sale of eight automobiles to consignment customers and provided false information about the automobiles during interstate telephone conversations with three of the consignment customers.

– Telegraph staff