Well, that escalated very quickly. We’ve talked many times before about the Carvana paperwork problems, and they’ve lost their license in a few states. But now, one of their executives is facing criminal charges in the state of Illinois.
The Charges Against Paul Breaux
Paul Breaux, who is their investor relations representative, is being charged criminally because they violated laws about getting paperwork for vehicles. But what did this person do? Well, they weren’t even the ones who actually directed this, according to the article. Allegedly, what this person did was just list him as the responsible party on the Carvana licensing application.
The Allegations and Implications
Because they were doing things allegedly with vehicle titles and issuing duplicate temporary registrations from other states, that violated the law and created criminal charges for the Carvana executive. This is pretty serious. Normally, a government agency won’t get involved with charging a company criminally unless it’s really serious. So, they must think that something is really going on behind the scenes.
The Unprecedented Nature of the Situation
We’ve talked about it before. We don’t know how serious this potential title problem is if it involves financing, securitization, or if it’s part of the stock valuation. But the fact that a company executive has been charged criminally for paperwork problems is something that’s unprecedented. We haven’t seen it too many times.
Conclusion: Continuing to Follow the Story
So, continue to follow the story. Let us know in the comments what your thoughts are on this Carvana executive having legal problems over vehicle titles.