Tyler car dealership at the center of alleged investing scheme - KAIT-Jonesboro, AR-News, weather, sports

Tyler car dealership at the center of alleged investing scheme

Posted: Updated:
Tyler Automax, as seen via Google Maps Street View on July 2011. Tyler Automax, as seen via Google Maps Street View on July 2011.
The property where Tyler Automax once operated. It is now for lease. The property where Tyler Automax once operated. It is now for lease.
Muhammad Moosa Yahya, mug shot from an arrest in 2000. Source: Smith County Jail. Muhammad Moosa Yahya, mug shot from an arrest in 2000. Source: Smith County Jail.
  • Most Popular StoriesMost Popular StoriesMore>>

  • Gigi's Cupcakes coming to Jonesboro

    Gigi's Cupcakes coming to Jonesboro

    Tuesday, April 22 2014 11:31 AM EDT2014-04-22 15:31:11 GMT
    JONESBORO, AR (KAIT) – Haag Brown Commercial Real Estate and Development made a "sweet" announcement Tuesday: Gigi's Cupcakes is coming to Jonesboro. "Gigi's is to cupcakes like Starbucks is to coffee,"
    Haag Brown Commercial Real Estate and Development made a "sweet" announcement Tuesday:  Gigi's Cupcakes is coming to Jonesboro.
  • Man, daughter injured in one-vehicle crash

    Man, daughter injured in one-vehicle crash

    Tuesday, April 22 2014 1:50 PM EDT2014-04-22 17:50:51 GMT
    JONESBORO, AR (KAIT) – A one-vehicle crash Tuesday afternoon sent a Region 8 man and his 2-year-old daughter to a local hospital. The crash happened around noon at the intersection of Aggie and Red Wolf
    A one-vehicle crash Tuesday afternoon sent a Region 8 man and his 2-year-old daughter to a local hospital. The crash happened around noon at the intersection of Aggie and Red Wolf Boulevard.
  • Update: Memorial fund established for drowning victim

    Update: Memorial fund established for drowning victim

    Tuesday, April 22 2014 10:04 AM EDT2014-04-22 14:04:52 GMT
    JONESBORO, AR (KAIT) – A memorial fund has been created for an 11-year-old girl who died after she became trapped beneath a pipe in a water-filled ditch for 20 minutes.
    Kyria Seymour of Jonesboro died Saturday, April 19, at LeBonheur Children's Hospital in Memphis, TN. A memorial fund has been created for an 11-year-old girl who died after she became trapped beneath a pipe in a water-filled ditch for 20 minutes.
TYLER, TX (KLTV) -

 

The lot at Tyler Automax on the edge of Downtown Tyler is now empty, and the president of the dealership is indicted for allegedly lying to the company's investors.

A federal grand jury indicted Muhammad Moosa Yahya, Wednesday, on four counts of wire fraud in connection with an investment scheme with a local business. According to federal court documents, Yahya, 36, was president of Tyler Automax since 2004.

The indictment stated Yahya solicited people through a corporation named EMN Global Trading to invest in the dealership, saying their funds would be used to purchase vehicles. The investors were then told they would be paid profits from the sale of those vehicles. 

Instead of paying investors as promised, prosecutors believe Yahya used the wired funds for his own use. The indictment lists three separate investors who fell victim to this scheme saying they wired Yahya large sums of money to his business checking account. That money was allegedly not used to buy vehicles for the dealership, as promised to the investors. Instead, prosecutors said Yahya moved the money from his business account to his personal checking account. Documents show a total of $455,000 was reportedly wired to Yahya for use at Tyler Automax from the three individuals.

As a result of the indictment, Yahya is ordered to forfeit property that could be directly or indirectly involved in the potential offense(s).

If convicted, he could face up to 20 years in prison, a fine up to $250,000 (or both) and supervised release up to three years.

The property that Tyler Automax once occupied, is now vacant and is up for lease.

Copyright 2012 KLTV. All rights reserved.

 

Powered by WorldNow

472 Craighead Co. 766
Jonesboro, AR 72401
(870) 931-8888

FCC Public File
publicfile@kait8.com
(870) 336-1816
EEO Report
Closed Captioning

All content © Copyright 2000 - 2014 Worldnow and KAIT. All Rights Reserved.
For more information on this site, please read our Privacy Policy and Terms of Service.