AMARILLO, Texas (KAMR/KCIT) — According to Amarillo Federal Court documents, Bart Reagor was required to self-surrender to federal prison on Monday after being convicted for making false statements to a bank.
According to previous reports by MyHighPlains.com, Reagor was sentenced to 168 months, or 14 years, in federal prison after being found guilty in October 2021. Reagor was convicted of intentionally using $1,766,277.77 out of a $10 million capital loan from the International Bank of Commerce (IBC) for personal gain after officials told the bank that it was solely to be used for the growth of the Reagor-Dykes Auto Group. Reagor was found not guilty on two counts of bank fraud.
According to previous reports, Reagor is also required to pay $9,378,817.28 in restitution to IBC Bank along with $1,760,000 in the form of a “money judgment.” This forfeiture includes the $950,951.18 seized out of a bank account belonging to Reagor in late 2018. After the time served, Reagor will serve five years under supervised release.
According to reports from EverythingLubbock.com, Reagor was required to report to the federal prison in Oakdale, Louisiana by Monday afternoon. Reagor is currently appealing both the judgment and the sentence in the U.S. Court of Appeals for the Fifth Circuit.