Amarillo Used Car Business Owner Pleads Guilty in Bank Fraud Case
| U.S. Attorney’s Office February 05, 2010 |
LUBBOCK, TX—Ronald Evan George, Jr., of Amarillo, Texas, pleaded guilty yesterday before U.S. District Sam R. Cummings, in Lubbock, Texas, to one count of bank fraud, announced U.S. Attorney James T. Jacks of the Northern District of Texas. George and his wife operated Amarillo Auto Gallery, L.P., located on 45th Street in Amarillo. He faces a maximum statutory sentence of 30 years in prison, a $1 million fine and restitution. A sentencing date was not set.
According to plea documents filed in the case, George maintained a dealer floor plan account at FirstBank Southwest, which operated as a line of credit to fund vehicles that he purchased and sold in his business. Vehicle titles were entrusted and released to George in order for him to sell the vehicles, and when the vehicles were sold, he was required to send the sales proceeds to the floor plan account at the bank.
However, beginning sometime in summer 2007, when vehicles were sold, George did not submit sales proceeds to the floor plan account as required. By October 2007, George had sold 27 vehicles and had not applied any of the funds to the line of credit at the bank.
The total loss to FirstBank Southwest is approximately $164,441.83.
The case is being investigated by the FBI and prosecuted by Assistant U.S. Attorney Christy Drake of the Amarillo, Texas, U.S. Attorney’s Office.