Tyler car dealership at the center of alleged investing scheme - News, Weather, Sports, Toledo, OH

Tyler car dealership at the center of alleged investing scheme

Tyler Automax, as seen via Google Maps Street View on July 2011. Tyler Automax, as seen via Google Maps Street View on July 2011.
The property where Tyler Automax once operated. It is now for lease. The property where Tyler Automax once operated. It is now for lease.
Muhammad Moosa Yahya, mug shot from an arrest in 2000. Source: Smith County Jail. Muhammad Moosa Yahya, mug shot from an arrest in 2000. Source: Smith County Jail.
TYLER, TX (KLTV) -

 

The lot at Tyler Automax on the edge of Downtown Tyler is now empty, and the president of the dealership is indicted for allegedly lying to the company's investors.

A federal grand jury indicted Muhammad Moosa Yahya, Wednesday, on four counts of wire fraud in connection with an investment scheme with a local business. According to federal court documents, Yahya, 36, was president of Tyler Automax since 2004.

The indictment stated Yahya solicited people through a corporation named EMN Global Trading to invest in the dealership, saying their funds would be used to purchase vehicles. The investors were then told they would be paid profits from the sale of those vehicles. 

Instead of paying investors as promised, prosecutors believe Yahya used the wired funds for his own use. The indictment lists three separate investors who fell victim to this scheme saying they wired Yahya large sums of money to his business checking account. That money was allegedly not used to buy vehicles for the dealership, as promised to the investors. Instead, prosecutors said Yahya moved the money from his business account to his personal checking account. Documents show a total of $455,000 was reportedly wired to Yahya for use at Tyler Automax from the three individuals.

As a result of the indictment, Yahya is ordered to forfeit property that could be directly or indirectly involved in the potential offense(s).

If convicted, he could face up to 20 years in prison, a fine up to $250,000 (or both) and supervised release up to three years.

The property that Tyler Automax once occupied, is now vacant and is up for lease.

Copyright 2012 KLTV. All rights reserved.

 

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