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Concord, NH (AP) — A New Hampshire auto dealership manager has been sentenced to pay at least $50,000 for taking money from consumers for used cars and failing to transfer the funds to a provider offering extended service contracts or warranties, according to The Associated Press.
Edward Walter of NHCars.net in Hooksett pleaded guilty in January to charges of theft by misapplication. He received a suspended sentence of 1 ½ to three years Thursday.
He can keep operating NHCars.net under a revised business plan that requires auditing.
Foster said in addition to taking money meant for the extended service provider, Walter also offered an “in-house” warranty by charging a fee in exchange for his promise to repair the consumer’s vehicle. However, he was not registered with the state Insurance Department and didn’t demonstrate financial responsibility, as required by law.
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