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HOUSTON (AP) — Prosecutors say a disbarred ex-attorney from Utah faces up to 10 years in prison in a Houston luxury auto scam with no cars, dealerships or sales.
Howard Price Johnson pleaded guilty Thursday in Houston to money laundering. Investigators say the 62-year-old Salt Lake City man was part of a nearly $700,000 bank fraud scheme involving two other people, who earlier pleaded guilty to money laundering and also await sentencing.
Prosecutors say Johnson in 2011 portrayed himself as a used car seller with two dealerships. Investigators say the scheme involved auto websites but in reality no dealerships, inventory or sales.
Some banks, based on false documentation, provided loans to Johnson's associates to purchase vehicles. The money provided to the so-called dealerships for the nonexistent vehicles was never repaid.
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