Boulder Police say 45-year-old Gregory Kotsaftis was arrested on charges of theft of more than $20,000 and check fraud.
Investigators say Kotsaftis, the owner of Go Motors in Boulder, was being investigated after police received a complaint from a Canadian dealership that says Kotsaftis sold them a 2011 BMW for $65,000 but never sent it to them.
The Canadian dealership told police they contacted Kotsaftis several times and demanded a full refund. The dealership says he sent a refund check that bounced. When the Canadian dealership threatened to call police, Kotsaftis told them that calling authorities would only delay their repayment.
Police say at least seven other victims have reported problems with Kotsaftis. According to investigators, three of those victims paid for vehicles, some on eBay, but never received them. Most of the victims confronted Kotsaftis and demanded a refund, and police say their refund checks also bounced.
Authorities believe there may be more victims an ask anyone who may have lost money after dealing with Kotsaftis or Go Motors to call 303-441-3345.
(KUSA-TV © 2011 Multimedia Holdings Corporation)