A former New Jersey car dealer received a three-year prison term for defrauding Ford Motor Credit Co. through false financial statements intended to cover up his failure to pay more than $11 million on 380 vehicle sales.
Rudolph Chiorazzo pleaded guilty to theft by deception for submitting false statements to retain the company's floorplan financing. He was president of South Shore Auto World in Marmora. The company, which filed for Chapter 7 bankruptcy and closed in 2006, sold Ford, Volvo and Chrysler vehicles.
He also was ordered to pay $11 million restitution to Ford Credit.