Mitchell C. Simpson, a former used car dealer from Cornelia, Georgia, has been sentenced to 3 years and 5 months in federal prison for wire fraud. Simpson defrauded multiple floor-plan lenders by using the same vehicles as collateral for multiple loans, a practice known as double or triple floor-planning. Simpson’s fraudulent scheme resulted in a loss of over $3 million to the lenders. He was convicted on July 2, 2024, after pleading guilty to the charges. “Simpson abused his position of trust and hurt the companies that enabled him to operate his business,” said U.S. Attorney Ryan K. Buchanan…