ForbesThe billionaire father and son behind online used car seller Carvana have been accused of insider trading in a lawsuit filed in Delaware by shareholders. Forbes estimates that Garcia II, Carvana’s biggest shareholder with a 38% stake, is worth $6.2 billion. He owns and runs used car retailer DriveTime Automotive, which was called Ugly Duckling when he bought it in 1992. Garcia II was hit with six shareholder lawsuits in 2001 alleging he abused his position to profit from Ugly Duckling assets. A year before buying Ugly Duckling, Garcia II pled guilty to a bank fraud charge related to his dealings at Lincoln Savings & Loan.

Source: Forbes May 29, 2020 21:11 UTC