NASHVILLE, Tenn. (WKRN) — A Brentwood man who served as the chief executive officer for and was the majority owner of a Nashville car dealership has been convicted of several federal fraud charges.
According to a press release from the U.S. Department of Justice, a federal jury convicted 49-year-old Mark Janbakhsh of conspiracy to commit bank fraud, bank fraud, making false statements to a bank, bankruptcy fraud and making a false statement under oath.
Janbakhsh served as the CEO of Auto Masters in Nashville and also had majority ownership of the car dealership, according to trial evidence. Between 2013 and 2017, the dealership had a line of credit with Capital One and First Tennessee Bank, now known as First Horizon Bank, according to authorities.
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During the trial, evidence revealed that Janbakhsh conspired with his brother, Ron Janbakhsh, and others in the company to submit false documents to Capital One “to artificially inflate the value of the company’s collateral which would allow Janbakhsh to draw on lines of credit he was otherwise not entitled to take,” according to the DOJ. This led to Auto Masters obtaining about $26.4 million, which it was not entitled to receive.
Bank auditors started investigating the financial discrepancies in Auto Masters’ submissions, and it was later revealed that Janbakhsh had directed employees to delete data, emails and other information that would reveal the fraudulent activity.
In 2017, Auto Masters declared bankruptcy. During bankruptcy proceedings, Janbakhsh lied about the fraud while under oath, according to evidence presented at trial.
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Janbakhsh later learned that federal agents investigating the fraud were looking to speak with co-conspirators, and he offered a co-conspirator $300,000 to leave the area to avoid being interviewed by investigators, according to trial evidence.
Authorities said Janbakhsh will be sentenced later this year and faces a maximum sentence of 30 years in federal prison and a maximum fine of $1 million. When Janbakhsh is sentenced, a federal judge will also consider forfeiting his property.
“Our office will vigorously pursue dedicated fraudsters like the defendant who lie and cheat for their own gain, and we’re not afraid to make our case to a jury to hold them accountable for their crimes,” McGuire said. “I commend the prosecutors and the federal agents who spent years uncovering this scheme, bringing it to light, and achieving a just result for our community.”
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