AMARILLO and LUBBOCK, Texas – Lubbock businessman Bart Reagor appeared in federal court Monday afternoon in Amarillo to hear the criminal charges against him. He pleaded not guilty.
Last week a grand jury charged Reagor with bank fraud and false statements to a bank.
The Reagor Dykes Auto Group (RDAG) collapsed into bankruptcy in August 2018 when Ford Motor Credit accused the Lubbock-based dealerships of default and fraud.
Court documents claim Reagor, the 50-percent co-owner, diverted nearly $1.8 million from business loans to his personal accounts. The FBI seized nearly $951,000 from Reagor’s personal bank account in November 2018.
Reagor has consistently maintained his innocence.
Reagor’s attorney, Dan Cogdell said last week, “He was deceived by people that he trusted and relied upon, and in turn, those people stole from him and others and caused the implosion of his business.”
Fifteen former employees of RDAG pleaded guilty in federal court prior to Reagor’s indictment.
A federal magistrate allowed Reagor to remain free while his criminal case is pending.
Reagor was not required to post a cash bond but instead was released on personal recognizance. He must report to pretrial services. Reagor already surrendered his passport. He cannot discuss the case with witnesses.
The court docket did not yet set a date for Reagor’s next court appearance.
If convicted, federal prosecutors said Reagor would face up to 90 years in prison.