Former SE Missouri Car Dealership President Pleads Guilty

Posted: Oct 16, 2012 6:14 AM by Associated Press
Updated: Oct 16, 2012 10:10 AM

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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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