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Man accused of failing to pay back bank loan

BY REBECCA MORIN | FEBRUARY 07, 2013 5:00 AM

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A local man was arrested after using proceeds from a car he sold to buy unnecessary items and to go on vacation, rather than paying off a loan.

Pedro Gemartino, 21, was accused May 24, 2012 of second-degree theft.

Gemartino took out a loan with Midwest One Bank for an amount of $7,700. As collateral for the loan, he was required to turn over the title to his vehicle to the bank. Gemartino only made four payments on the loan, and when a representative tried to get in contact with him, he did not answer, the police complaint said. Gemartino had sold the vehicle title to his nephew for $8,000. Instead of using the proceeds to paying off the loan, Gemartino went on a vacation and bought unnecessary items, said the police complaint.

Second-degree theft is a Class-D felony.


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