CHARLESTON, WV (WOWK) — A Parkersburg man was sentenced to two years in prison and has to pay $490,000 in restitution after making false claims on a loan application, according to the Department of Justice.
A press release says Jonathan Smith, 36, submitted an application to a federal credit union on June 22, 2016, for a loan of $505,000 that was intended to buy a 1963 Corvette. It says he knew that he had already bought the car for $35,000.
The DOJ says Smith reported his monthly income to be $10,132 when that it is only a fraction of that amount and that the fair market value of the car was $1.2 million. It says the car’s true value was less than $50,000.
Officials say that Smith also said that he was the owner of a business when he had no ownership interest in that business. It is not said what business he was referring to.
The press release says that United States Attorney Will Thompson made the announcement and commended the work of the U.S. Secret Service.
Senior United States District Judge John T. Copenhaver, Jr. imposed and Assistant United States Attorney Christopher R. Arthur handled the prosecution.