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Antique Auto Dealer Sentenced for Bank Fraud and Money Laundering

August 20, 2013

SHERMAN, Texas — A 58-year-old Prosper, Texas antique automobile dealer was sentenced to prison for federal violations in the Eastern District of Texas, U.S. Attorney John M. Bales announced this past week.

Ricky Prince pleaded guilty on Sept. 6, 2012, to bank fraud and money laundering and was sentenced to a total of 36 months in federal prison on Aug. 13, 2013, by U.S. District Judge Marcia A. Crone. Prince was also ordered to pay restitution in the amount of more than $1.4 million.

According to information presented in court, Prince owned and operated North Texas Muscle Cars Inc. from March 2007 to August 2010, a McKinney, Texas-based dealership that specialized in antique automobile sales. During this time, Prince submitted materially false personal finance statements and income tax returns to financial institutions to secure credit for himself and North Texas Muscle Cars Inc.

Additionally, Prince included antique automobiles such as a 1963 Chevrolet Corvette, a 1974 Pantera Detomasoy, a 1967 Chevrolet Chevelle and a 1938 Ford Custom Street Rod that were never purchased. As a result of the fraudulent activity, the financial institutions incurred actual losses totaling approximately $1.35 million.

Prince was ordered to report to prison on Sept. 27, 2013, to begin serving his sentence.

This case was investigated by the FBI and the IRS’s Criminal Investigation unit and prosecuted by Assistant U.S. Attorney Randall Blake.


  1. 1. Bubba B [ August 20, 2013 @ 12:52PM ]

    Wow - that was some nice underwriting by the banks.

  2. 2. netexas121 [ September 14, 2013 @ 05:49PM ]

    Yeah Bubba B and all during the recession. Wonder if the FBI investigated the banks employees to see if they KNEW of his underlying intentions.

  3. 3. Former Prince customer [ October 28, 2015 @ 04:22PM ]

    What comes around go's around! Prince is a piece of garbage! I hope he likes prison! LOL

  4. 4. billy [ February 21, 2016 @ 11:36AM ]

    He definitely is garbage . he sold a 69 charger general Lee of mine and never received money for car but luckily I still have title and sooner or later car will turn up . since it has been reported stolen .

  5. 5. Rachael [ August 30, 2016 @ 09:06AM ]

    Rick Prince is scum. He didn't get near what he deserved. He has done so much to so many people. He got out of prison without serving all of his time. Not only did he take from the banks, but he screwed over innocent people. He has screwed over family, he does not care. He is back selling cars again. If you see him, do not do business with him. There is not a believable word that comes out of his mouth. He deserves to spend the rest of his life behind bars. I pray that each person that he did wrong will finally get their vehicles or money back.


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