Car dealers sentenced to prison - KWWL - Eastern Iowa Breaking News, Weather, Closings

Car dealers sentenced to prison

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DES MOINES (KWWL) -- A bankrupt used-car dealer from South Dakota and his partner have been sentenced  to federal prison for lying to banks that were funding their dealerships. 

Dan Nelson was sentenced to 2 1/2 years in prison, and partner Chris Tapken to 1 1/2 years. Together, they must pay $7 million in restitution to nine banks. MetaBank in Sioux Falls is owed the most, at $3.3 million. 

Nelson and Tapken operated dealerships in both South Dakota and Iowa. Authorities say they lied on financial reports to give banks undue confidence in the health of their business, which collapsed in 2005.

Online AnchorBob Waters

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