JACK BOWSHIER BUICK OF STUART ORDERED TO CEASE AND DESIST BY FLORIDA OFFICE OF COMPTROLLER
Mark Mathosian, area finance manager, said the order demands that the Stuart auto dealer immediately refrain from financing the sale of motor vehicles by installment contracts.
Named in the order were the company and directors Jack A. and Jack D. Bowshier.
Mathosian said an investigation stemming from information provided by the Office of the State Attorney of Martin County revealed this car dealer was taking automobile trade-ins and failing to satisfy the existing liens on those cars.
Finance investigators and finance examiners from the Comptroller's regional office have documented at least 11 instances where Bowshier Buick allegedly accepted motor vehicles as trade-ins, resold those vehicles without first satisfying the existing liens and could not issue clear Certificates of Title to the purchasers.
John Willard, area manager for the regional office's Financial Investigative Unit, said, "Bowshier's alleged activities jeopardize the credit ratings of consumers who have traded in their cars because they continue to remain liable on loans from automobiles they no longer own. This is a serious situation."
The Comptroller's Office reported the finance records maintained at Bowshier Buick were misleading and deceptive in that copies of checks made payable to lien holders and in the lien amount were contained within the files for months, when in fact these checks were never issued.
Mathosian said other agencies also are looking into Bowshier's car sales activities. Reviewing the activities at the car dealership to determine if other laws have been violated are the Florida Department of Motor Vehicles, the Martin County Sheriff's Office and other regulators and law enforcement agencies.
Findings of the Comptroller's Office investigation will be referred to the Office of the State Attorney for Martin County.
/CONTACT: Mark Mathosian, Finance or John Willard, Investigations, 407-837-5054, both of the Florida Office of Comptroller/
CO: Florida Office of the Comptroller ST: Florida IN: SU:
KW-PC -- FL012 -- 8772 11/03/95 17:25 EST