Ex-Columbus title pawn executive pleads in $500K wire fraud scheme. What’s next in case
An Alabama man who ran a title loan company with branches in Columbus and Phenix City is facing up to 20 years in federal prison after pleading guilty to a wire fraud scheme that cost investors half a million dollars, authorities said Friday.
As president and co-owner of Title Wave Title Pawn, Matthew Hinkle of Dadeville used company funds for his own personal use, including paying auto loans, property taxes, a loan for a personal airplane, retail and convenience store purchases and restaurant meals, investigators said.
The 49-year-old was a minority owner in the business who gave his partners, investors and a company accountant misleading information about its financial condition and frequently moved company funds between accounts to serve customer loans, investor interest payments and other expenses, agents said.
He repeatedly asked for additional investments from his partners and others under the guise of expanding the operation, authorities said.
His offenses occurred from January 2014 to October 2017, when the co-owners discovered the company’s financial condition and confronted Hinkle, who admitted it was running out of money and couldn’t explain why, according to his plea. He soon left the business, which shut down in November 2017.
Hinkle pleaded guilty to one count of wire fraud before U.S. District Judge Clay D. Land, who set his sentencing for April 13.
This story was originally published January 22, 2021 at 5:31 PM.