October 2, 2022


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Auto group owner Reagor gets 14-year prison sentence


The Lubbock-dependent auto group operator who lied to a financial institution about his company’s potential customers will commit 14 a long time in federal prison and have to spend almost $9.4 million in restitution, according to a news release from the U.S. Section of Justice.

Reagor Dykes Auto Group operator Bart Wade Reagor, 55, was located responsible in Oct 2021 of creating untrue statements to a financial institution insured by the FDIC. He was sentenced Thursday by U.S. District Judge Matthew J. Kacsmaryk for the Northern District of Texas.

Proof presented at demo showed that Reagor in 2017 informed the Global Bank of Commerce that his vehicle team was “experiencing remarkable expansion and expected to go general public,” in accordance to the Justice Section launch. He instructed the lender his vehicle team essential funds “to sustain its upward trajectory and retain a money cushion for each of the dealerships to function.”

The bank granted Reagor a $10 million performing capital bank loan distributed in July 2017 and February 2018. But Reagor moved far more than $1.7 million of that into his personalized account at Prosperity Lender, in accordance to the launch.

Reagor Dykes Car Group’s CFO Shane Smith testified at trial that Reagor and his lover, Rick Dykes, frequently took cash out of the business. Smith approximated the two took out extra than $25 million in excess of 10 yrs.

According to the launch, 15 employees beforehand pleaded guilty to many financial crimes.

All through sentencing, films of Reagor talking with workforce showed him demeaning any one who would make a lot less than 6-determine salaries and saying that winning in his enterprise was additional important than lifetime, according to the launch.

He informed staff members that any individual bringing property a five-digit salary is “broke as [expletive]” and dwelling “a chump life.”

Video clips confirmed him “berating his workers for not hitting their revenue targets,” as nicely, according to the release.

“You gotta want to win far more than you want to are living,” Reagor states in a person video clip, in accordance to the release. “I do. I [expletive] die to win. I want to acquire each [expletive] day. Just about every [expletive] day, just about every [expletive] deal.”

Distributed by Tribune Material Agency, LLC.


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