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Former business owner Hockett sentenced for bank fraud

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A federal judge this morning sentenced a former Indianapolis business owner to 18 months in prison after he pleaded guilty to bank fraud in May.

Brian Scott Hockett, 45, New Palestine, also was ordered by Judge Sarah Evans Barker to pay nearly $2.5 million in restitution. 
 
Hockett committed the fraud during a three-year period ending in 2006, while owner of Family Management Corp., according to the U.S. Attorney for the Southern District of Indiana. The company was a wholesaler of used vehicles operating as Fleetmax.
 
The federal charges said Hockett fraudulently diverted about $2.5 million from lines of credit to buy stock in a public company and hid the diversion from the banks by falsifying reports he filed with them.

The falsified reports showed that Fleetmax had more assets to secure the credit than was available, according to the charges. At one point, the reports showed that Fleetmax had roughly $12 million in assets when in fact it had just $750,000 available.
 
Fifth Third Bank and the former National City Bank, which issued the credit, lost a total of about $2.4 million as a result of the fraud.
 
Hockett faced maximum penalties of 30 years in prison and a fine of $1 million. The guilty plea followed a three-year investigation by the Federal Bureau of Investigation.  

He is the son of local businessman Michael Hockett, the founder of Adesa Inc. and Auction Broadcasting Corp.
 
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