Sentence: Grisanti gets 1 day in jail, fine in bank fraud scheme

OXFORD – Businessman Dino Jerry Grisanti will spend one day in jail and pay a $7,500 fine for a guilty plea to a $2 million bank fraud scheme.
Grisanti was sentenced Thursday by Chief U.S. District Judge Michael P. Mills.
The former Oxford auto dealer pleaded guilty in October to a one-count federal charge that he concealed the sale of vehicles and failed to pay Regions Bank $2 million as part of a floor plan financing deal.
According to information about the charge against him, Grisanti had a deal with Regions to provide him with a line of credit to buy vehicles for retail sale, then account for and repay Regions all or part of the proceeds from each sale.
Prosecutors said that Grisanti concealed the sales of 66 automobiles and didn’t tell Regions to the tune of $2,085,768.
When Grisanti pleaded guilty to the charge, his attorney, Anthony Farese, told Mills that his client had repaid Regions.
The fraud occurred from Jan. 1, 2006, to about Nov. 1, 2007, while Grisanti owned Grisanti Rebel Motors in Oxford.
He faced up to 30 years in prison and a $1 million fine, according to the federal notice of penalties attached to his plea agreement, dated July 26, 2010.
He’s been free on bond since his arrest.

Patsy R. Brumfield/NEMS Daily Journal

Click video to hear audio