Flint man gets federal prison sentence for defrauding banks of $201,000 to buy 15 vehicles

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BAY CITY, MI — A Flint man was sent to federal prison for defrauding Michigan banks and credit unions out of six figures, money he used to buy more than a dozen vehicles.

US District Judge Thomas L. Ludington on Wednesday (June 29) sentenced 41-year-old Eddie E. Hendrickson to 37 months in prison. Once he completes his sentence, Hendrickson will be on probation for another three years.

The amount of restitution Hendrickson owes his victims has yet to be determined, with a hearing to that end scheduled for July 19.

Hendrickson pleaded guilty in March to conspiracy to commit fraud at a financial institution, a felony punishable by up to 30 years in prison and a $1 million fine.

The plea agreement states that between December 2019 and February 2020, Hendrickson and another anonymous individual devised a scheme to defraud numerous banks and credit unions. To do this, Hendrickson acquired the social security number of a man who had a name similar to his.

Hendrickson then used this stolen social security number to obtain loans which he then used to finance the purchase of all-terrain vehicles, motorcycles and trucks.

In total, Hendrickson fraudulently acquired $201,080.02 in loans from financial institutions in Saginaw, Bay, Livingston, Wayne, and Jackson counties. He then used this money to purchase 15 vehicles.

Hendrickson and his cohort kept the vehicles, sold them, gave them away or otherwise disposed of them, the plea agreement says.

In a sentencing memorandum, defense attorney Haralambos D. Mihas wrote that Hendrickson was plagued by crack and alcohol addiction in the winter of 2019.

“That’s when ‘Person A convinces Eddie to join a scheme to defraud banks and lending institutions so they can buy off-road vehicles, motorcycles and cars,'” writes Mihas, “For his part, Eddie received pennies on the dollars. As much as he victimized the lending institutions, he was also a victim. Person A used Eddie to take all the risk while he took all the money and/or vehicles Eddie spent the small amounts of money he was given to support his addictions.

A federal complaint was filed against Hendrickson on August 13, 2021. The complaint lists 10 dates of Hendrickson’s alleged crimes, the first being December 23, 2019.

That day, Hendrickson used the stolen Social Security number and driver’s license to apply for a car loan at Bay Cycle Sales in Bangor Township. The loan was for two Honda motorcycles, totaling a loss of $21,000.36.

Hendrickson repeated this tactic nine more times.

On March 20, a Genesee County Sheriff’s lieutenant contacted the person whose Social Security number Hendrickson allegedly used. This person has a similar name to Hendrickson but told the lieutenant that he never authorized anyone else to use his identity or Social Security number, the Secret Service agent wrote.

After being arrested on unrelated charges, Hendrickson on April 7, 2020, was interviewed by the Genesee County Sheriff’s Lt. and a Secret Service Special Agent.

“Hendrickson admitted to participating in a scheme to fraudulently obtain vehicles,” the agent wrote. “He admitted to picking up the vehicles from dealerships and taking them home.”

In July 2020, the two Dodge Chargers purchased by Hendrickson in January were located at an address in Flint. A man there told authorities he was storing them for Hendrickson, the agent wrote.

The credit institutions further told the authorities that no payment had been made on any of the loans, resulting in a total loss on each loan.

Read more:

Flint man pleads to defrauding banks of $201,000 to buy 15 vehicles

Flint man used stolen Social Security number to get $201,000 to buy 15 vehicles, feds say

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