The owner of an Erie car dealership pleads guilty in Federal Court to his part in a loan scheme.
Auto Dealer Adam Weaver entering that guilty plea at the courthouse this morning. We're told Weaver will be stepping down from running the family-owned business. Weaver, covering his face, leaving the Federal Courthouse after pleading guilty to one count of conspiracy to commit wire fraud.
The US Attorney's Office accusing Weaver, the owner of Rick Weaver Buick GMC and two other men working at the dealership, Douglas Grooms and Adam Coover, allegedly participating in a nearly year-long loan scheme including falsified loan applications and inflated costs on cars.
David Ridge, Adam Weaver's Attorney, says, "He did accept responsibility for being involved in an agreement where inaccurate information was sent to lending institutions. He thought this was in his best interest and in the best interest of his business."
Part of the court agreement involved Weaver agreeing to pay a $400,000 fine. Ridge tells us, "that will be paid either by my client or the corporation on his behalf to be determined between those two parties."
Rick Weaver Buick GMC's Attorney, Michael Agresti, says Adam Weaver will be stepping down as in owning an active role in the business for the foreseeable future. "Adam's father, Rick Weaver, who ran the business for 35 years, will be back involved on a day-to-day standpoint and other family members will pitch in."
The dealership entering into a Federal Diversion Program, not entering a plea in the case, and will remain open. Agresti tells us, "It's a set of stipulations that the corporation will have to follow for a period of time. It's yet to be determined. We're going to be submitting in the near future. Once into that program, we'll follow whatever guidelines the government and courts set for the corporation and stay in business for years to come."
Adam Weaver will be sentenced in April of next year. The other two involved in this case also pleading guilty and are waiting to be sentenced.
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