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Bart Reagor, Owner of Reagor Dykes Auto Group, Found Guilty of Lying to Bank
A federal jury in the Northern District of Texas has convicted Bart Wade Reagor, 55, of making false statements to a bank insured by the FDIC.
According to Acting U.S. Attorney Chad Meacham, Reagor’s greed and insatiable need to flaunt his wealth led him to lie to a federally-insured bank and ultimately resulted in that bank suffering a loss of over $20 million dollars.
Reagor, whose trial lasted four days, now faces up to 30 years in federal prison.
“He’s now bracing for a possibly decades-long sentence. The government will not permit this kind of abuse of our nation’s financial institutions and the funds of its hard-working depositors,” said Acting U.S. Attorney Chad Meacham.
The jury found Reagor guilty of making false statements to a bank insured by the FDIC, a crime punishable by up to 30 years in federal prison.
In 2017, Reagor told International Bank of Commerce (IBC) that the auto group was experiencing tremendous growth and expected to go public. He claimed the company needed a cash infusion to sustain its upward trajectory and maintain a cash cushion for each of the dealerships to operate.
Relying on that information, IBC granted Reagor Dykes a $10 million working capital loan, which was distributed in two tranches: $5,000,000 in July 2017 and another $5,000,000 in February 2018, to be disbursed to the various RDAG entities.
Instead of investing all of the money into the business as he’d said he would, Reagor diverted more than $1.7 million to his personal account at Prosperity Bank – $766,277 in July 2017, following IBC’s disbursement of the first tranche of money, and $1 million in February 2018, following IBC’s disbursement of the second tranche of money.
Reagor Dykes’ CFO, Shane Smith, testified that Reagor and his partner, Rick Dykes, routinely drew money out of the business. Over a 10-year-period, Smith estimated, the pair withdrew more than $25 million.
While the jury convicted Reagor of lying to an FDIC-insured bank, they acquitted him of bank fraud. His sentencing date has not yet been set.
Fifteen of Reagor’s employees previously pleaded guilty to various crimes involving dummy flooring and check kitting at Reagor Dykes, including:
Shane Andrew Smith, Reagor Dykes’ CEO, who pleaded guilty in June 2019 to conspiracy to commit wire fraud
Diana Urias, an office manager in Reagor Dykes’ used car mall in Levelland, who pleaded guilty in September 2019 to conspiracy to commit bank fraud
Sheila Miller, an RDAG group controller, who pleaded guilty in September 2019 to conspiracy to commit bank fraud
Paige Johnston, an office manager in Reagor Dykes’ Chevrolet store in Floydada, who pleaded guilty in October 2019 to conspiracy to commit wire fraud
Lindsay Williams, and RDAG group accounting manager, who pleaded guilty in October 2019 to conspiracy to commit bank fraud
Sherri Wood, an office manager at Reagor Dykes’ Ford store in Plainview, who pleaded guilty in October 2019 to conspiracy to commit wire fraud
Pepper Rickman, an accounting controller at Reagor Dykes’ Toyota store in Plainview, who pleaded guilty in October 2019 to conspiracy to commit wire fraud
Brad Fansler, an RDAG group administrative director, who pleaded guilty in November 2019 to conspiracy to commit wire fraud
Ashley Dunn, executive assistant to the CEO, who pleaded guilty in December to conspiracy to commit wire fraud
Bart Reagor, 55, Defendant/respondent REAL full name or legal entity name
Exact criminal charges: Making false statements to a bank insured by the FDIC
City and state: Amarillo, Texas
Exact date: Not specified
Sentence or outcome: Up to 30 years in federal prison
Key Facts
- State: Texas
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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