Norman used car lot owner, finance manager face 30 years, $1 million fine for bank fraud
Ponca City Now - August 28, 2016 6:44 pm
OKLAHOMA CITY (AP) — The owner and finance manager of a used car lot have pleaded guilty to bank fraud in connection with the 2014 failure of an area bank.
Federal prosecutors say Timothy Jay Williams and Stephen L. Butz entered their pleas during hearings this week. Williams owned Lindsey Street Motors in Norman and Butz was the finance manager.
Prosecutors say they obtained a line of credit from The Bank of Union in return for granting the bank a secured interest in all used cars, proceeds and other products.
But authorities say the men didn't use sales proceeds to repay the bank and instead obtained duplicate vehicle titles for car buyers without notifying the bank.
Each defendant faces up to 30 years in prison and a $1 million fine at sentencing.