LUBBOCK, Texas (KCBD) - Bart Reagor, Reagor-Dykes Auto Group owner, has been officially charged with lying about using business loans for personal expenses.
A federal grand jury indicted Bart Wade Reagor, 55, on two counts of bank fraud and one count of making false statements to a bank insured by the FDIC.
He will make his initial appearance before U.S. Magistrate Judge Lee Ann Reno in Amarillo on Monday at 2 p.m.
If convicted, Reagor faces up to 90 years in federal prison, and will be required to forfeit any property traceable to the offense.
Reagor’s attorney Dan Cogdell issued the following statement:
We are certainly disappointed in the charges against Mr. Reagor. Nonetheless, we are confident he will be found Not Guilty for one simple reason: He is Not Guilty.
To be clear, at no time did Bart ever intend to violate the law. At no time did he ever intend to defraud any bank-or anyone else-for that matter.
Indeed, Bart Reagor is a victim of the criminal conduct by Shane Smith and others. Like any successful business owner, Reagor hired people that he trusted and whom he relied on to do their jobs. Instead of doing their jobs they stole from him and others.
Many people that Bart Reagor believed in, trusted in and relied upon cost him the business he worked his whole adult life to build.
Bart Reagor’s conduct did not cause the implosion of the businesses. The actions of the rogue employees of Reagor Dykes-and others complicit with them-resulted in the losses to the banks and to others, not Reagor.
Reagor is a man of high character and of great faith. He has tremendous support from his friends and family.
We look forward to defending these accusations in a Court of Law and look forward to his being found Not Guilty.
According to a news release from the U.S. Attorney’s Office Northern District of Texas, 15 of Reagor’s employees have pleaded guilty and will be sentenced starting in May.