Bart Reagor, co-principal of the Reagor Dykes Auto Group in Texas that went bankrupt in 2018 amid accusations of widespread floorplan fraud, was found guilty Friday by a federal jury of one count of false statement to a bank, according to local media reports.
It was one of three counts Reagor faced as part of the trial, which began earlier this week.
Reagor was indicted by a federal grand jury last spring on two counts of bank fraud and one count of making false statements to a bank insured by the FDIC.
A 12-person jury, which began deliberating Thursday, found him guilty Friday afternoon of only the count of making a false statement to a bank, but not guilty on the bank fraud charges, the Lubbock Avalanche-Journal reported. He faces up to 30 years in prison.
Reagor was accused of diverting more than $1.7 million of a $10 million commercial loan from International Bank of Commerce to his personal bank account, which was prohibited by the loan agreement.
