RACINE, WI - The owner of a former used-car dealership has been charged with three felonies after he allegedly pulled financing scams.

Joseph B. Rizzo, 58, of 333 Lake Ave., was charged Monday with two counts of felony theft over $10,000 and one count of theft in a business setting. If convicted he faces up to $60,000 in fines and 26 years imprisonment.

According to the criminal complaint, a Racine County sheriff's investigator was contacted on June 2 by Manheim Milwaukee Metro Auto Auction in Raymond about Rizzo. A financial services manager for the auto auction said Rizzo was an auto dealer who had done business with them, including financing vehicles through the auction for some time.

She said as the owner of Elmwood Car Company, 3317 Durand Ave., Rizzo purchased cars from them and used their financing services to pay for them. According to the complaint, he then took loans out on the same vehicles through Community State Bank.

The financial manager gave investigators a list of 35 vehicles that had been financed at both the auction and bank at a cost of $250,502. She said Rizzo had not made payments to either the auction or Community Sate Bank on the vehicles. Reports said the auction recovered all but four of the vehicles Rizzo had purchased from them, but they were still out over $56,000.

Community State Bank told investigators that Rizzo had a standing line of credit of $1 million which he used to purchase cars. The bank has lost $688,000 on loans to Rizzo that had not been paid, according to the complaint.

Investigators also spoke with a customer of the Elmwood Car Company who alleges that on Feb. 16 she purchased a 2003 GMC Yukon from the auto dealer and traded in her 1999 Chevrolet Suburban. Reports said the customer had copies of documents that show that the Elmwood Car Company should have been responsible for the $5,600 still owed on the Suburban.

However, the customer told detectives Rizzo did not pay off the loan and she was now being sued by a finance company for the balance owed on the vehicle.

Rizzo closed the Elmwood Car Company earlier this year after a March repossession of most of the vehicles on his car lot.

At the time, Rizzo told The Journal Times he had lost his line of credit with a bank that had not given him enough time to pay them.

Rizzo was given a $25,000 signature bond in court Monday. He is scheduled to be back in court for a preliminary hearing next month.