Former Chief Operating Officer Mark Exposito faces approximately twenty-four wire fraud charges in connection with the alleged embezzlement of $8 million from Fenton Motors of Frisco. According to prosecutors, this incident is part of a larger pattern of fraudulent activities over a span of 40 years.
According to The Dallas Morning News, by the time Mark Exposito left Fenton Motors of Frisco in 2019, the Frisco-based company had fallen into financial distress. The remaining dealerships that hadn't already shut down were subsequently sold off. Fenton Motors established dealerships in Mesquite and Rockwall, as well as Oklahoma, Missouri, Kansas and Tennessee.
Mark Exposito and an accomplice allegedly depleted the company's bank accounts, siphoning off over $8 million to fund their extravagant way of life. The 56-year-old, who happens to be the stepson of former U.S. Senator Claire McCaskill, now finds himself confronting approximately 24 charges of wire fraud linked to an alleged embezzlement plot. Authorities apprehended him in March.
Prosecutors revealed that he is now confronted with an additional federal indictment in Maryland, where he stands accused of fabricating fictitious businesses in order to fraudulently obtain $2.5 million from the Paycheck Protection Program. The financial aid initiative was enacted by Congress during the COVID-19 pandemic to provide assistance to struggling businesses.
The indictment also includes charges against William Lavin, the former chief financial officer of Fenton Motors. He is accused of engaging in fraudulent activities and orchestrating theft from the company. The allegations assert that Lavin played a role in concealing the misappropriated funds by disguising the withdrawals as legitimate business expenses. But two days before the detention hearing, Lavin committed suicide on April 2, 2023.
Initially deemed a flight risk and a potential danger to the community, Exposito was denied bond and detained. But, his legal team successfully appealed the decision, resulting in his release in mid-June. As of now, no specific trial date has been scheduled.