MADISON, Wis. -- Two Tomah brothers who ran a car dealership face up to 30 years in prison after being charged in U.S. District Court in Madison with bank fraud totaling more than $2 million.
Authorities claim Timothy E. Vernier, 57, and Stephen N. Vernier, 63, spent almost five years working a loan scheme to defraud two banks in Tomah.
Timothy E. Vernier was the president and Stephen N. Vernier was the vice president of sales at Norris-Vernier Motor Sales, according to a court document charging them in the Western District of Wisconsin.
The two men received loans from Farmers and Merchants Bank and First Bank by falsely telling the banks the dealership was purchasing cars it planned to resell.
The Associated Press
