REDWOOD CITY, Calif. – In Los Angeles, a $100 million fraud scheme 30 years in the making will have to wait a little longer.
The trial of Jun Reodica, the car dealer who was based in LA during the 1980s, has been delayed from this week to December of 2015, according to court records.
Reodica allegedly defrauded an estimated $100 million from banks and investors in a car dealership scheme that would inflate sales numbers.
The scheme involved recording fake auto sales, hiding the records of delinquent customers, and repossessed and resold vehicles without informing lenders to entice banks and investors into investing more money.
Reodica eventually fled to Australia in the late 1980s, where he allegedly continued to run a similar scheme.
He was apprehended in 2012.
The 69 year-old faces a 250 year maximum prison sentence.