International Classic Auction’s (ICA) owner Stanley Dean Torgerson will spend more than three years in prison for bilking customers of his classic car sales company.
The Maricopa County Attorney’s Office announced Aug. 16 that the 67-year-old Gilbert, Ariz., resident was also ordered by a judge to pay $1.5 million in restitution to his victims.
Prosecutors say Torgerson sold vehicles through ICA but pocketed the money and never delivered the cars. He had been in business since 1989 but was accused of skimming sales proceeds and not delivering cars beginning in 2009.
Torgerson was arrested in 2011 and accused of defrauding approximately 50 victims from four states, Canada and England out of approximately $700,000. He was indicted in May 2011 on 101 counts including fraud and theft. Torgerson pleaded guilty to three counts of fraudulent schemes and one of theft in a June plea agreement.
Torgerson tried to blame employees for embezzling the money. However, no other employees of ICA are reportedly facing charges stemming from this case.