Former car dealership president pleads guilty to federal charge | News
CAPE GIRARDEAU, MO (KFVS)-
The former president of a local car dealership has pleaded guilty to a charge of bank fraud in federal court.
According to the Eastern District of Missouri U.S. Attorney's Office, Richard Galemore, 65, of Cape Girardeau sold more than 40 vehicles from his dealership without paying the bank back for the original loan on them.
The bank told investigators it added up to a more than $500,000 loss on the loan.
Galemore abruptly closed his dealership in Charleston and did not notify the bank in September 2008. When a bank representative came to repossess the vehicles, they were not on the lot.
Galemore will be sentenced on January 22, 2013.
He faces up to 30 years in prison and/or fines of $1 million.
Copyright 2012 KFVS. All rights reserved.
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