Posted: Oct 16, 2012 7:14 AM by Associated Press
Updated: Oct 16, 2012 10:10 AM
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.