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Teterboro Used Car Dealer From Cliffside Park Charged In $1.4M Scam

Patsy Galasso, Michael Ricciardi, Lisa Ghobrial
Patsy Galasso, Michael Ricciardi, Lisa Ghobrial Photo Credit: COURTESY: NJ Attorney General

TETERBORO, N.J. -- The owner of a defunct Teterboro used car dealership from Cliffside Park was indicted Tuesday along with three employees and a bookkeeper in a $1.4 million luxury car scam.

Patsy Galasso, 75, the owner of D.I.B. Leasing, orchestrated a scheme in which he and the others "created fake employment records, inflated incomes, and supplied false pay stubs and fictitious employee verifications to dupe banks into approving auto financing for customers whose income levels did not qualify them for loans on the pricey vehicles," acting New Jersey Attorney General John J. Hoffman said.

"Four of the loans were taken out in the names of customers who had submitted personal information to apply for financing but ultimately did not buy cars from the dealership," he said.

Also named in the indictment:

Lisa Ghobrial, 48, of Ridgefield, the dealership's title manager;

Michael Ricciardi, 53, of Wayne, the bookkeeper;

Hector Marquez, 43, of Monroe, the general manager;

Paul Russo, 40, of Scotch Plains, the finance manager;

Jennifer Perez, 30, of Union City, who assisted with loan applications.

They are variously charged with conspiracy, money laundering and other offenses in connection with a bank financing scam that authorities say netted $1.4 million in fraudulent loans for luxury cars.

“Consumer confidentiality and trust in the system is crucial to anyone buying a car,” Hoffman said, accusing the defendants of "hamelessly exploiting that trust for their own selfish gains."

In one case, the victim had never been to D.I.B. Leasing or applied for a car loan there, the indictment alleges.

“None of the victims had any idea car loans were taken out in their name until they began receiving bank notices that they were behind on payment for vehicles they didn’t own,” said Acting Insurance Fraud Prosecutor Christopher Iu. “This was a brazen scheme that defrauded consumers and banks alike.”

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