The former owner of a Milton, Fla. automotive dealership entered a plea of no contest to racketeering and organized fraud and has been ordered to begin making deposits of $5,000 a month into an escrow account that will be used to reimburse dozens of victims who lost nearly $200,000.
A joint investigation by the Department of Financial Services’ Division of Insurance Fraud and the Office of Financial Regulation reportedly revealed that Michael E. Bratton, the former owner of Michael Bratton Automotive Inc., committed fraud in connection with the financing of dozens of vehicles and failed to pay off prior liens. Bratton also charged consumers for insurance and extended warranties that were never purchased.
Bratton entered the no contest plea recently in the First Judicial Circuit Court. Upon entering the plea, Bratton was ordered to deposit $25,000 into an escrow account within 30 days and make subsequent deposits of $5,000 each month. He is scheduled to be sentenced on Nov. 1.
These funds will be used toward paying approximately $200,000 in restitution to victims.
Was this article valuable?
Here are more articles you may enjoy.
GEICO Tops Progressive With Higher J.D. Power Scores 
Ryan Specialty Announces Succession Plan: Pat Ryan to Exec Chair, Turner to Be CEO 
US P/C Insurers Post Best Q1 Underwriting Result In 17 Years 
As Rates Rise, Majority of Homeowners Say Insurance Industry Is in Crisis: Survey From This Issue
