Former SE Missouri Car Dealership President Pleads Guilty

4 years 1 month 3 weeks ago October 16, 2012 Oct 16, 2012 Tuesday, October 16 2012 Tuesday, October 16, 2012 6:14:00 AM CDT in News
By: Associated Press

CAPE GIRARDEAU (AP) - The former president of a southeast Missouri car dealership has pleaded guilty to bank fraud.

Federal prosecutors say 65-year-old Richard Galemore of Cape Girardeau admitted Monday that he sold more than 40 vehicles without paying a bank for the original loan.

The scheme cost the bank more than $500,000.

Galemore also closed Galemore Motors in Charleston without notifying bank in September 2008. KFVS reports that when a bank representative came to repossess the vehicles, they were not on the lot.

He is scheduled to be sentenced Jan. 22.

 

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