Former Nashvillian sentenced to more than four years for bank fraud

A former Nashville auto broker and salesman has been sentenced to 51 months in prison and ordered to pay back $2.7 million he appropriated through what federal prosecutors call "a hybrid Ponzi scheme and check kite fraud." Andrew Crutcher, 53, had in 2005 and early 2006 built a scheme that took in millions from investors who believed they were funding hundreds of car sales per month. What they were doing instead was helping Crutcher make his checking account appear to have enough funds for him to withdraw large amounts of money for personal use. The scheme, which was discovered when one of the investors stopped payment on a large check, wound up costing The Bank of Nashville about $970,000 and Crutcher's victims $1.8 million. Posted in: Check Fraud