Oklahoma City, Oklahoma – Lyle Livesay, 29, of Delray Beach, Florida, and Brant Holloway, 36, of Del City, Oklahoma, have both pled guilty to conspiring to commit bank fraud against seven financial institutions.
According to an indictment, Livesay and Holloway submitted false loan applications in the name of Holloway’s roommate, T.M., purportedly for the purpose of purchasing vehicles from True Cars Express, a luxury car dealership in Florida.
The indictment states that T.M. did not intend to purchase any vehicles, rather, T.M. and Holloway planned to use the loans to open a used car lot. In addition, the applications inflated T.M.’s income by falsely indicating that T.M. worked at Thunder Vapor, a business that sold electronic cigarettes and related products in Del City, Oklahoma.
On May 2, 2017, a federal grand jury charged Livesay and Holloway with conspiracy to commit bank fraud against multiple financial institutions in Oklahoma and elsewhere. Livesay also faces charges of making a false statement to a federally insured financial institution and money laundering, while Holloway faces charges of making a false statement to an FBI agent.
Last week, Livesay pled guilty to one count of money laundering, based on his transfer of fraud proceeds from his True Cars Express bank account to one under the control of Beta Capital Group, his financial consulting firm.
Holloway pled guilty to a superseding information that charges him with conspiracy for his role in the fraud scheme. At sentencing, Livesay faces up to 10 years in prison; Holloway faces up to 5 years of imprisonment. Both defendants face up to three years of supervised release and a maximum $250,000 fine.
They have also agreed to pay restitution to victims. The case is the result of an investigation by the Federal Bureau of Investigation and is being prosecuted by Assistant U.S. Attorney Julia E. Barry.
Key Facts
- State: Oklahoma
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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