Owner of AZ classic car sales company going to prison for fraud - wave3.com-Louisville News, Weather & Sports

Owner of AZ classic car sales company going to prison for fraud

(Source: CBS 5 News) (Source: CBS 5 News)

A Gilbert businessman will spend more than three years in prison for selling vehicles for customers and pocketing the money.

Police said Stanley Dean Torgerson, 67, scammed more than 50 people across the country out of money from cars he had agreed to sell on their behalf through his Gilbert-based company, International Classic Auctions.

In June 2013, Torgerson plead guilty to three counts of fraudulent schemes and one count of theft.

On Friday, the judge also ordered Torgerson to seven years probation following his prison time and that he pay the victims back up to $1.5 million.

International Classic Auctions company began in 1989, and at the end of 2009, Torgerson began pocketing money. Police said he ignored customers phone calls, emails and in-person attempts to collect their money.

Torgerson blamed the customers' losses on employee embezzlement and an audit showed Torgerson was spending the money on family members, personal expenses and other businesses.

A court hearing is scheduled for Oct. 18 to determine the exact dollar amount Torgerson will need to pay the victims.

Copyright 2013 CBS 5 (KPHO Broadcasting Corporation). All rights reserved.

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