Former Reagor Dykes Auto Group CFO Shane Smith admits to federal wire fraud charge
LUBBOCK -- Former Reagor Dykes Auto Group Chief Financial Officer Shane Andrew Smith faces up to 20 years in prison after admitting to participating in a fraudulent floor plan scheme that cheated millions of dollars out of the dealership’s creditor.
Shane Andrew Smith appeared before U.S. Magistrate judge Lee Ann Reno and pleaded guilty to a count of conspiracy to commit wire fraud. An electronic court entry shows Smith appeared in court with his attorney, Edwin Gerald Morris, and was released a $20,000 bond until his sentencing hearing, according to court documents.
He signed a plea agreement indicating he would plead guilty to a felony information and waive his right to an indictment by a federal grand jury. He is also ordered to pay more than $50 million in restitution.
Federal prosecutors filed a felony information on June 12 accusing him of using wire communications to advance a fraudulent floor plan scheme from a date unknown until July 27, 2018 to defraud its lender, Ford Motor Credit Co. Smith is also accused of participating in check kiting scheme to defraud several banks.
Read more: https://www.lubbockonline.com/news/20190618/former-rdag-cfo-shane-smith-admits-to-federal-wire-fraud-charge
