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…