Former Oxford auto dealer pleads guilty to fraud

OXFORD, Miss. (AP) - Former Oxford automobile dealer Dino Jerry Grisanti has pleaded guilty to federal charges of defrauding Regions Bank.

The Northeast Mississippi Daily Journal reports Grisanti entered the plea Thursday in federal court in Oxford. He faces up to 30 years in prison and a $1 million fine. His sentencing is pending.

Prosecutors say Grisanti admitted to a $2 million scheme to defraud Regions Bank, which gave his Grisanti Rebel Motors a line of credit to buy vehicles for retail sale.

Grisanti remains free on a personal recognizance bond.

Prosecutors say Grisanti concealed the sale of 66 vehicles from Regions and lied to the bank about how many actually were sold.

They say the scheme ran between Oct. 26 and Nov. 6, 2007.

Information from: Northeast Mississippi Daily Journal,