A Santa Barbara County Superior Court judge reduced the bail on Tuesday for the father and son owners of Montecito Motors, charged with embezzlement, tax evasion and other crimes.
Judge George Eskin reduced the bail for Chet and Adam Taylor, originally set at $1 million each, to $100,000 each.
An 18-month investigation uncovered more than $1 million allegedly scammed from 26 victims of Montecito Motors.
Adam Taylor is charged with filing false tax returns and failing to file personal and corporate tax returns, and for failing to report more than $24.7 million in gross sales. Chet Taylor has been charged with filing false personal income tax returns and failing to report more than $400,000 from Montecito Motors. Scroll down to read the entire complaint against the Taylors.
Santa Barbara police officials say the pair concealed car sales and defrauded people who had consigned their cars for sale with the company. According to investigators, the Taylors are accused of waiting months or years before notifying owners their vehicles had been sold, while using the funds to pay personal expenses.
Prosecutor Brian Cota said he and the District Attorney’s Office felt that the previously set amount was appropriate, considering the crime.
“Additionally, we thought the amount as set was appropriate to protect the community as well as ensure the defendants’ presence at future court hearings,” he said.
Jennifer Taylor and and Sarah Taylor-Swing, Chet Taylor’s wife and daughter, are also facing charges. All four are scheduled to return to court Jan. 13 to set a date for their preliminary hearing.
— Noozhawk staff writer Lara Cooper can be reached at lcooper@noozhawk.com. Follow Noozhawk on Twitter: @noozhawk, @NoozhawkNews and @NoozhawkBiz. Connect with Noozhawk on Facebook.
