Denison car dealer's license being revoked due to fraud
An investigation by the Iowa DOT's Bureau of Investigation & Identity Protection has uncovered fraudulent business practices at Adams Motor Company in Denison.
Due to the nature of this criminal behavior, the Iowa DOT is in the process of revoking the vehicle dealer's license that was issued to Robert Adams for this business.
Customers alleged Adams was mishandling the money they paid for certain services related to vehicle purchases.
The investigation discovered funds paid by customers for title transfers, warranty contracts, and protection plans were kept by the dealership and not forwarded to the agencies that provide these services, leaving the customer without the intended coverage they had paid for.
The dealership also sold property that had outstanding loans and then failed to pay off lending institutions.
Customers who bought this property were unable to get a clear title since the lending institution maintains possession of the title until the loans are paid.
Robert Adams, 57, was arrested on multiple felony charges that included ongoing criminal conduct.
He has also been charged with multiple counts of theft in the first degree and one count of theft in the second degree for selling secured property and not providing payment to the lending institutions.
Adams bonded out of the Crawford County Jail and has a court appearance scheduled for June 5th.