Former Bronx, NY, Lincoln-Mercury dealer Robert Federico has received a four-month jail sentence and five years probation after pleading guilty to stealing $500,000 from 50 customers over a 16-month period that began in January, 2005.
Federico, 48, was accused of failing to pay off liens on used cars; pocketing purchase funds for extended factory warranties; and keeping proceeds from a second bank for two loans he arranged on the same vehicle.
He was ordered as part of his plea agreement to refund all the funds he kept. Failure on his part to make a complete restitution to all victims could result in his being handed a jail sentence of two to six years.
Charged with one count of grand larceny and one count of scheme to defraud, Federico closed his Courtesy Lincoln-Mercury store in May, 2005.