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Boca Raton Showroom Vacant. Chapter 7 Submitting Arrives As Lawsuit Claims Dealership Engaged In Fraud.
BY: ANDREW COLTON | Editor and Publisher
BOCA RATON, FL (BocaNewsNow.com) (Copyright © 2022 MetroDesk Media, LLC) — Excell Car Group has formally submitted for Chapter 7 Bankruptcy protection, professing that it has among $ and $50,000 in belongings but owes among $10M and $50M to lenders.
The Excell Auto Team showroom at 1001 Clint Moore Road in Boca Raton, commonly full of high-stop and unique vehicles, stays empty. That led consumers, commencing early past 7 days, to question questions about cars and trucks they are owed, vehicles they bought but were being not paid for, and proprietors Scott Zankl and Kristen Zankl.
Scott Zankl explained to BocaNewsNow.com, in an distinctive interview, that his “landlord” took the autos illegally as aspect of a civil dispute. Attorneys for his landlord, having said that, denied the accusation and sued Excell.
As we wrote in a Friday report: “The landlord(s), determined as “Auto Wholesale of Boca LLC, Final Providers LLC, and Moshe Farache,” assert in the lawsuit that Excell Car is engaged in a multimillion-dollar fraud in which Excell sold autos “out of believe in.” That means the dealership borrowed dollars to invest in a motor vehicle, then offered the motor vehicle, but didn’t return the proceeds of the vehicle again to the loan provider.
Scott Zankl stated there is no fraud and said that he would prevail in the lawsuit.
“The promises are untrue,” explained Zankl, exclusively to BocaNewsNow.com. “I have bank statements. I am heading to stop up on top of this.”
Zankl also denied rumors circulating Boca Raton and Delray Seashore that he experienced been arrested by federal brokers investigating his dealership.
“There was no raid, no federal brokers,” mentioned Zankl. “This is not a criminal point. It’s a dispute concerning me and my landlord.”
At least one community legislation enforcement company, however, suggests it has obtained legal complaints against Excell Automobile Team.
The individual bankruptcy petition, which you can go through underneath, was submitted in U.S. District Court docket for the Southern District of Florida. Kristen Zankl is outlined as “president” of Excell Automobile Group and signed the “voluntary petition for non-people submitting for bankruptcy.”
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