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Denny Hecker Makes a Plea Deal

Remember Denny Hecker, the Minnesota dealer and the former owner of Advantage Rent A Car? As you know, Hecker faces criminal charges, including conspiracy and bankruptcy fraud.

According to Autonews, the former dealer now managed to get a plea deal with prosecutors, having admitted to the above mentioned charges. He was initially being prosecuted for multiple counts, including including fraud, forgery and embezzlement, which had the potential to send the millionaire behind bars for decades. Now, Hecker is awaiting sentencing but only faces up to 10 years in prison.

"What this says is that the rules apply to everyone,"
Nicole Engisch, the lead prosecutor in the case told Autonews. "And if you're going to use our bankruptcy system, you have to play by the rules."

Before the crisis struck, Hecker was the lucky owner of 15 Minnesota dealerships and a leasing company.
Following the cut of the credit lines provided by Chrysler Financial in November 2008, Hecker has closed or sold 16 out of the 17 he owned, ending up with just one Toyota franchise in Minneapolis.

The litigation between Hecker and Chrysler Financial started in January 2009, when Chrysler accused Hecker of owing $550 million. The Chapter 7 filing announced last year estimated Hecker's assets to $18.6 million, while his liabilities amounted to as much as $767 million in 2009.

Hecker filed for personal bankruptcy in June 2009. Later that month, agents from the Minnesota State Patrol, the Internal Revenue Service (IRS) and the Drug Enforcement Agency (DEA) raided the businessman's headquarters and several of his properties.
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About the author: Daniel Patrascu
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Daniel loves writing (or so he claims), and he uses this skill to offer readers a "behind the scenes" look at the automotive industry. He also enjoys talking about space exploration and robots, because in his view the only way forward for humanity is away from this planet, in metal bodies.
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