- Associated Press - Friday, March 18, 2016

ALBANY, N.Y. (AP) - A car dealer in northern New York has pleaded guilty to a federal charge, admitting he approved of customer applications for bank loans that inflated the size of their down payments.

According to federal authorities, 52-year-old Gerald McDonald of Madrid has admitted conspiring with salesmen and managers to submit false information to ensure borrowers would qualify.

McDonald is chief executive and part owner of Parkway Country Polaris, Parkway Dodge Chrysler and Jeep, and Parkway Chevrolet and Oldsmobile in Ogdensburg. Prosecutors say he helped get loans for cars, ATVs, boats and trailers.

His plea agreement cites eight loans between 2006 and 2010 and calls for more than $102,000 in restitution to NBT Bank.

He could face up to five years in prison and a $250,000 fine at sentencing July 19.



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