The Franklin News-Post|
P. O. Box 250
310 Main Street, SW
Rocky Mount, Virginia 24151
Monday, June 25, 2012
By KEN BRADLEY - Staff Writer
A Callaway man has been indicted on 13 counts of obtaining money under false pretense (fraud) and eight counts of money laundering in an alleged internet scam.
The indictments against Jeffrey Lynn Overstreet, 45, were returned by a Franklin County grand jury on June 4, but remained sealed until Thursday.
Assistant Commonwealth's Attorney Patrick Nix said each of the fraud charges is in excess of $200.
Overstreet allegedly used an online auction site between July 2008 and February 2012 to offer auto parts for late 1960s Chevrolet vehicles.
"Essentially, the allegations are that Overstreet was offering the parts over the internet, receiving money from buyers but never sending the parts to the buyers," Nix said.
At some point, Overstreet was banned from the internet auction site, and that was when he allegedly continued the scam by using other people's names and banking accounts to transfer the money, Nix said.
"There may be other victims of the alleged scam in addition to the those named in the indictments," Nix said. "If so, the victims should call the commonwealth's attorney's office at 483-3092."
Overstreet was arraigned Friday morning in Franklin County Circuit Court. A bond hearing is set for today (Monday, June 25).
Obtaining money under false pretense (fraud) is a Class 4 felony, punishable by two to 10 years in prison and a fine of up to $100,000. Money laundering carries a maximum sentence of 40 years in prison and a fine of up to $500,000.