Federal prosecutors say the owner of Queen City Motors in Springfield has pleaded guilty to wire fraud and identity theft.
Chris King was charged with the theft of nearly $800,000 by applying for loans in the names of unsuspecting customers.
Prosecutors accused King of obtaining personal information from customers when they applied for a vehicle loan through his company. They say King would then use that information to apply for automobile automobile loans from other companies, and then use the funds for his personal benefit.
Prosecutors listed the total cash deposits as $783,475.84. The loans were obtained from November 1st of 2018 through November 8th of 2020.
He faces up to 20 years in prison.