Former owners of Milan car dealership plead guilty to bank fraud

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Black Hawk Mines
Former owners of Milan car dealership plead
guilty to bank fraud
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Former owners of Milan car dealership plead
guilty to bank fraud

• The former owners of a Milan car dealership
  pleaded guilty to bank fraud charges during a
  hearing Friday in U.S. District Court, Rock
  Island.
• Jens Hirsch, 45, and Pamela A. Hirsch, 55, of
  Rock Island, the former owners of Blackhawk Auto,
  pleaded guilty to one count each of bank fraud,
  conspiracy to commit bank fraud and making a
  false statement to a bank.
• Sentencing is scheduled for Sept. 14.

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• According to a news release issued by the U.S.
  Attorneys Office for the Central District of
  Illinois, the Hirsches admitted that with Jens as
  president and Pamela as vice president and
  secretary of Strategic Enterprises Inc., doing
  business as Blackhawk Auto, they defrauded Milan
  Bank in 2008.
• Blackhawk Auto, located at 1920 E. 1st Ave., had
  an agreement with the bank for a line of credit
  of 1.5 million, which would be used to purchase
  vehicles for reselling.
• Upon sale of the vehicles, Blackhawk Auto was to
  repay the bank the outstanding balance for the
  respective vehicle.

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Blackhawk Auto

• The Hirsches admitted they used the proceeds from
  sales for other uses and failed to repay the
  bank.
• The loss to the bank was more than 400,000, but
  less than 1 million.
• The penalty for each of the offenses is a prison
  sentence of up to 30 years and a fine of up to 1
  million. However, the plea agreements in the case
  will determine the final sentence, according to
  the news release.