LUBBOCK, and AMARILLO, Texas — A federal judge in Amarillo set conditions of release on Monday for Brad William Fansler who accepted a plea deal on October 25 for his role in the collapse of the Lubbock-based Reagor Dykes companies.
Fansler pleaded guilty to one count of conspiracy to commit wire fraud. Under the terms of the deal, Fansler will be sentenced at a later date to no more than five years in federal prison – assuming a judge accepts the deal.
Fansler is also liable for up to $27 million of restitution.
Court records said Fansler become the Group Administrative Director for Reagor Dykes in 2014. Court records also said Fansler participated in fraud starting in July 2018.
Specially, Fansler admitted to floor plan fraud. A floor plan is specific kind of loan for auto dealerships. Fansler admits he helped other employees forge paperwork to make it look like Reagor Dykes could borrow more money from Ford Motor Credit Company than what was actually allowed.
Separately, Reagor Dykes has also been accused of check kiting which is a form of bank fraud. But Fansler only admitted to floor plan fraud.
Reagor Dykes employees who have accepted criminal plea bargains so far include:
- Brad William Fansler
- Pepper Laray Rickman
- Sherri Lynn Wood
- Lindsay Clare Williams
- Paige Anna Johnston
- Sheila Evans Miller
- Diana Herrera Urias,
- Shane Andrew Smith
None of the employees have been sentenced as of the time of this news report.
Bart Reagor and Rick Dykes have both been held financially responsible in civil lawsuits by Ford Motor Credit Company. As of Monday, the bankruptcy of Reagor Dykes continued.