A Denison car dealer is facing criminal charges for alleged fraudulent business practices.
57-year-old Robert Adams who operates Adams Motor Company in Denison, was arrested on multiple felony charges including ongoing criminal conduct, eleven counts of first degree theft and three counts of second degree theft.
The charges stem from an investigation by the Iowa Department of Transportation’s Bureau of Investigation & Identity Protection.
Customers alleged Adams was mishandling money they paid for services related to vehicle purchases.
The investigation discovered funds paid by customers for title transfers, warranty contracts, and protection plans were kept by the dealership and not forwarded to the agencies that provide the services, leaving the customer without the coverage they had paid for.
The dealership also sold property that had outstanding loans and then failed to pay off lending institutions.
Customers who bought the vehicles were unable to get a clear title since the lending institution maintains possession of the title until the loans are paid.
The Iowa D-O-T is in the process of revoking the vehicle dealer’s license that was issued to Adams.
Adams is free on $10-thousand dollars cash bond from the Crawford County Jail.