The Industry's Leading Source For F&I, Sales And Technology

Top News

Former Car Dealer Indicted for Bank Fraud

June 12, 2012

OKLAHOMA CITY — John B. Langley, 62, was indicted on charges of bank fraud and making a false statement to a federally insured credit union, announced Sanford C. Coats, United States Attorney for the Western District of Oklahoma.

According to the indictment, Langley owned and operated J&K Langley Corporation, which sold used cars in Oklahoma City under the name Bargain Network Auto Sales. Count one of the indictment alleges that, during 2008 and 2009, Langley borrowed money from Municipal Employees Credit Union and pledged vehicles on his lot as collateral, when he knew that those vehicles had been pledged to Floorplan Xpress, a financing company that specializes in lending money to car dealers.

The indictment also alleges that Langley defrauded the credit union by selling collateralized vehicles and failing to give the proceeds to the credit union to satisfy his loans.

Count two alleges that Langley engaged in similar fraudulent conduct in dealings with BancFirst. Count three charges Langley with making a false statement to Municipal Employees Credit Union on March 23, 2009, by giving the credit union a forged lien release letter — supposedly created by Floorplan Xpress —relating to a 2009 Nissan Maxima.

Each of the three counts carries a potential penalty of 30 years in prison and a fine of $1 million, in addition to mandatory restitution. The case is being prosecuted by Assistant U.S. Attorney Scott E. Williams.

Your Comment

Please note that comments may be moderated. 
Leave this field empty:
Your Name:  
Your Email:  

CLOSE [X]

READ NEXT

Auto/Mate Launches Third-Party DMS Integration Program

The DMS provider’s Open/Mate program will allow third-party vendors to fully integrate with its dealer system.