LOS ANGELES – (INT) - A man, who once ran the third largest car dealership in the nation before he fled the country 27 years ago, has pleaded guilty to federal bank fraud charges.

Eminiano “Jun” Reodica, Jr., 71, was behind a scheme that caused nearly $50 million in loss to the banks in the 1980s. At that time Reodica was the President of the Grand Wilshire Group of Companies, which included Grand Chevrolet, then the third largest car dealership in the country. The Grand Wilshire Group was headquartered in Glendora.

In his guilty plea, Reodica admitted to engaging in schemes to defraud and making false statements to at least five banks from 1984 to 1988.

The Grand Wilshire Group and Grand Chevrolet collapsed into bankruptcy in 1988 when Reodica fled to his native Philippines. He was on the lam for over 24 years until FBI agents arrested him at Los Angeles International Airport in 2012.

Story Date: October 11, 2015