SACRAMENTO, Calif.-A Sacramento man who used stolen identities to obtain online car loans so he could buy expensive sports cars, pleaded guilty in federal court here today to bank fraud and aggravated identity theft. The plea is the result of an investigation by U.S. Immigration and Customs Enforcement (ICE) and the California Highway Patrol (CHP).
Michael Lamb, 31, along with two co-conspirators, used stolen identities to secure loans in the amounts of more than $83,000 for a Callaway Corvette and $50,000 for a Mercedes SCL 600, according to prosecutors. They also created a fictitious corporation, opened a bank account in its name, and funded it with a $25,000 transfer from another account in an identity theft victim's name.
When Lamb was arrested, he had in his possession a California driver's license with his own picture and the personal information an identity theft victim, as well as a credit card in that victim's name. Investigators were able to tie Lamb, who had worked as a sales manager at a car dealership, to a computer containing identity information and tools for creating and altering driver's licenses.
Lamb is scheduled to be sentenced April 30 at 9:00 a.m. He faces a maximum sentence of 30 years in prison.