WHITE PLAINS – A two-week trial in White Plains federal court concluded with a jury finding Central Valley residents and car dealership owners Saaed Moslem, 37, and his father, Mehdi Moslem, 72, guilty of conspiring to commit bank fraud and to defraud the IRS in connection with their operation of Exclusive Motor Sports, a used car dealership in Central Valley.
Saaed Moslem was also found guilty on Thursday of aggravated identity theft, bankruptcy fraud, and additional bank fraud charges.
It was alleged that the two conspired to defraud the IRS by concealing profits from their dealership.
The father and son allegedly had their accountant prepare tax returns that significantly understated Exclusive Moor Sports’ inventory. That resulted in their personal tax returns substantially underreporting the amount of tax due.
Both men were convicted of bank fraud conspiracy which carries a maximum sentence of 30 years in prison, and one count of conspiracy to defraud the IRS, which carries a maximum sentence of five years in prison.
Saaed Moslem was also convicted of bank fraud and making a false statement to a lender, each of which carries a maximum sentence of 30 years in prison, as well as bankruptcy fraud and aggravated identity theft.
They are expected to be sentenced in October.
