Pinnacle Business Management (Prev SRCI)

[fung_derf]

This is going to make you very sad.....although it is nice that they made it into a family business.

Pittsburg Family Accused of Car Loan Fraud
UPDATED: Oct 4, 2022

Written by Sara Routhier
Sr. Director of Content

Reviewed by Joel Ohman
Founder, CFP®

Washington County officials of Pittsburg, Pennsylvania filed theft and racketeering charges against four members of the LoCastro family of Bethel Park and Peters for allegedly using fake car loans to buy vehicles, according to the Pittsburgh Post-Gazette.

Prosecuters claim that between Dec. 23, 2008 and Feb. 5, 2009, Frank LoCastro withdrew multiple car loans from various lending sources and purchased multiple vehicles. Each car loan was taken out with fraudulent employment and income information, and LoCastro ultimately defaulted on each one.

Frank LoCastro worked with his brother, Vincent LoCastro, and Vincent’s children Nicole and Joseph LoCastro, and between the four individuals, they financed 32 vehicles in total.

Vincent LoCastro has a previous criminal record involving car sales, in which he owned his own car lot and stole the identity of nine people, subsequently using those identities to finance luxury vehicles with fraudulent car loans.

He was ordered to pay more than $500,000 in restitution and sentenced to three years propation, half of which was under home detention.

The Post-Gazette reports that earlier this year, despite his criminal history, Vincent LoCastro was approved by Baldwin Township supervisors for another car lot, called EZ Auto Sales, but he had yet to develop the business.

Frank LoCastro has been charged with two counts of corrupt organizations, two counts of criminal conspiracy, 32 counts of theft by unlawful taking, 32 counts of defrauding secured creditors, and one count of unsworn falsification to authorities. Frank LoCastro is facing up 370 years in prison if convicted of all charges.

Vincent LoCastro has been charged with two counts of corrupt organizations, two counts of criminal conspiracy, 18 counts of theft by unlawful taking and 18 counts of defrauding secured creditors. If LoCastro is found guilty of all charges, he could face up to 206 years in prison.

Nicole and Joseph LoCastro have both been charged with two counts of corrupt organization and two counts of criminal conspiracy. They each face up to 80 years in prison.