A Michigan man who sold his 2003 Ford Fusion SUV for $5.6M to eBay has been ordered to repay more than $1 million in loan debt, after the automaker refused to refund his loan.
The Detroit News reported that David T. Babb was convicted of grand theft in March after pleading guilty to mail fraud, a felony, and he agreed to pay the $2.2 million restitution and the $1,400 fine.
He will be sentenced March 16.
Tulsa police in Tulsa, Oklahoma, arrested Babb on March 4 on a felony charge of grand larceny.
The criminal complaint states that Babb and a woman had purchased a 2003 Ford Flex and an optional second-generation Mustang from a dealership in the Tulsa suburb of Fort Payne.
Babb had the first-generation Ford in January 2017, but had only one of the second-gen Mustangs in his possession at the time of the fraud, the complaint says.
He allegedly sold the second car to an unidentified buyer at the same dealership in August 2018.
The criminal complaint says the buyer gave the second vehicle to Babb in exchange for $750.
Bab had sold the car for $7,000 in December 2018.
He was arrested after the buyer alerted Tulsa police to the fraudulent sale.
Billionaire investor and philanthropist Warren Buffett and his wife, Tiana, paid for the purchase.
Babba, a former member of the Ford board of directors, served as the automakers chairman from 2004 to 2017.
He resigned as CEO of the company in February 2018.