Press Release
☷Former Owner of Chrysler Dealerships in Lodi and Sonora Charged with Wire Fraud for Defrauding Investors
Federal Bureau of Investigation ( By Press Release office)
Apr 28,2022
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Former Owner of Chrysler Dealerships in Lodi and Sonora Charged with Wire Fraud for Defrauding Investors FRESNO , Calif . — On April 21 , 2022 , a federal grand jury returned an eight - count indictment against Vincent Elliot Porter , 73 , of Oakdale , charging him with wire fraud , United States Attorney Phillip A . Talbert announced . According to court documents , between 2013 and 2017 , Porter owned and operated two Chrysler Dodge Jeep Ram dealerships: Sonora Chrysler Dodge Jeep Ram , and Lodi Chrysler Dodge Jeep Ram . He used his ownership of those businesses to defraud investors of approximately $8 million . He promised investors fixed rates of return and falsely represented that the investments were risk free and backed by collateral . He misrepresented the financial health of the dealerships and the intended use of investor funds . Porter spent much of the investors’ funds for personal use including expensive travel ( including to golf resorts such as Pebble Beach , high end hotels such as the Ritz Carlton , and numerous trips to Las Vegas , the Napa Valley , and other luxury locations ) , the purchase of an expensive vehicle , and other personal expenses . This case is the product of an investigation by the Federal Bureau of Investigation . Assistant U . S . Attorney Jeffrey A . Spivak is prosecuting the case . If convicted , Porter faces a maximum statutory penalty of 20 years in prison and a $250 , 000 fine on each count . Any sentence , however , would be determined at the discretion of the court after consideration of any applicable statutory factors and the Federal Sentencing Guidelines , which take into account a number of variables . The charges are only allegations; the defendant is presumed innocent until and unless proven guilty beyond a reasonable doubt .
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