Investors gave an Oakdale car dealer $8M, authorities say. He now faces fraud charges
A former car dealership owner from Oakdale was charged in federal court on allegations he defrauded investors out of nearly $8 million and spent their money on himself, federal prosecutors said.
Members of a grand jury returned an indictment Tuesday charging Vincent Elliot Porter, 73, with eight counts of wire fraud, according to a release from the U.S. Attorney’s Office for the Eastern District of California.
Court documents show Porter owned two Chrysler Dodge Jeep Ram dealerships, one in Lodi and one in Sonora, between 2013 and 2017.
During the time he owned the dealerships, Porter allegedly promised investors fixed rates of return and lied about the investments being risk-free and backed by collateral. He also misrepresented how well the dealerships were doing and what the investments would be used for, authorities said.
However, prosecutors said most of investment money went to Porter’s personal expenses, including expensive vehicles and multiple trips to places such as Las Vegas, Napa Valley and Pebble Beach.
If convicted, Porter faces a maximum statutory penalty of 20 years in prison and a $250,000 fine on each count.
This story was originally published April 26, 2022 at 3:22 PM.
