Lyle Livesay, a 42-year-old from Delray Beach, Florida, is headed to federal prison for four years after admitting to laundering the proceeds of a sweeping bank fraud scheme that spanned multiple states and targeted federally insured credit unions. The 48-month sentence, handed down in Oklahoma City, marks the end of a multi-year investigation into a fraudulent loan operation that flooded financial institutions with fake paperwork and false promises.
Livesay, owner of Beta Capital Group, LLC, based in Boca Raton, Florida, orchestrated a scheme beginning in fall 2015 with a Yukon, Oklahoma resident who sought funding for a used car business. Under a consulting agreement, Livesay promised to secure bank loans in exchange for 30% of the proceeds. But the funding wasn’t for cars—it was built on lies. Livesay and co-conspirators submitted fraudulent applications to Pentagon Federal Credit Union, Navy Federal Credit Union, Allegiance Credit Union, MidFirst Bank, Oklahoma Employees Credit Union, Alliant Credit Union, and USAA Federal Savings Bank.
The applications falsely claimed the borrower would use funds to purchase luxury vehicles from True Cars Express, a shell dealership Livesay controlled in Weston, Florida. To back the scam, Livesay produced fabricated pay stubs inflating the borrower’s income, fake purchase agreements, and counterfeit vehicle titles. He also concealed existing loan obligations, enabling the submission of over half a million dollars in fraudulent loan requests. When the scheme began to unravel, Livesay didn’t back down—he doubled down, instructing the Oklahoma conspirator to lie to federal investigators and ignore a subpoena in early 2016.
On October 30, 2015, Livesay transferred $87,000 in fraudulently obtained funds from a Navy Federal Credit Union loan into a Beta Capital account via a TD Bank account under the name True Cars Express. That act formed the basis of two federal money laundering counts in the May 2, 2017 indictment. He pleaded guilty on August 2, 2017, admitting to the transfer and his role in the broader fraud.
On March 7, 2018, U.S. District Judge Timothy D. DeGiusti sentenced Livesay to 48 months in prison, followed by three years of supervised release. The court ordered $415,000 in restitution to the defrauded institutions and found Livesay’s conduct involved a total of $555,000 in bank fraud proceeds. Judges noted the sophistication of the scheme, including Livesay’s manipulation of loan documents and movement of funds through accounts he controlled.
Livesay was arrested in Florida in June 2017 and has remained in U.S. Marshals custody since. The FBI led the investigation, and Assistant U.S. Attorney Julia E. Barry prosecuted the case. Public court filings detail the full scope of Livesay’s criminal enterprise. For now, his operation is shut down—and he’s got four long years to think about it behind federal bars.
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Key Facts
- State: Oklahoma
- Agency: DOJ USAO
- Category: Fraud & Financial Crimes
- Source: Official Source ↗
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