Rickey Carter, Bank Fraud, Georgia 2023

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Grimy Times Investigates: Rickey Carter, Bank Fraud, Georgia 2023

Rickey Carter, a 60-year-old Southwest Georgia businessman and owner of Nashville Tractor, has pleaded guilty to orchestrating a multi-million dollar bank fraud scheme involving multiple creditors.

According to the plea agreement, Carter, of Nashville, Georgia, used his tractor supply company to swindle millions of dollars from banks, including Farmers and Merchants Bank, by falsifying financial records and selling equipment that was held in trust without paying the cash to creditors.

Carter obtained a $5,000,000 loan from Farmers and Merchants Bank in 2016, and also secured a line of credit and credit agreement with the bank in the amount of $625,000. He also entered into agreements with other financing entities, including CNH Industrial Capital America, LLC, and Kubota Credit Corporation, to finance his business operations.

However, in 2015, NTI began experiencing financial and cash flow issues, making it difficult for Carter to make payments due on the loans and make payroll. To cover up the financial struggles, Carter began selling equipment that was held in trust but not paying the cash to the creditors, and also falsified NTI’s financial records to inflate the company’s net worth.

Carter faces a maximum of 30 years in prison, followed by at least 5 years of supervised release, and a $1,000,000 fine. Sentencing is scheduled for September 15, 2023. The federal system does not offer parole.

Acting U.S. Attorney Peter D. Leary stated, ‘Rickey Carter’s decision to concoct various illegal schemes to keep his failing business afloat has damaged small businesses, community banks, and defrauded the federal government. Carter’s criminal actions will ultimately land him in federal prison.’

Chris Hacker, Special Agent in Charge of the FBI Atlanta, added, ‘Carter thought he was smart enough to swindle millions of dollars from these banks, but he wasn’t smart enough to avoid being caught and punished.’

Rickey Carter, Bank Fraud, Georgia 2023