- Associated Press - Wednesday, December 13, 2017

SHREVEPORT, La. (AP) - Federal prosecutors say a Louisiana car dealer has pleaded guilty in a bank fraud case.

Acting U.S. Attorney Alexander C. Van Hook, in a news release Wednesday, said 41-year-old Larry Wayne Toms Jr., of Benton, pleaded guilty to taking out fake loans for three cars that didn’t exist.

Tuesday’s plea before U.S. District Judge Elizabeth E. Foote was to one count of bank fraud.

Hook’s office says Toms, a Bossier City car dealer, submitted fraudulent loan applications for three cars from June 1, 2015 to July 23, 2015 to the Post Office Employees Federal Credit Union in Shreveport, and the credit union disbursed $177,000 to Toms.

Toms faces up to 30 years in prison, five years of supervised release and a $1 million fine. Sentencing is set for March 23.


Copyright © 2018 The Washington Times, LLC.

The Washington Times Comment Policy

The Washington Times welcomes your comments on Spot.im, our third-party provider. Please read our Comment Policy before commenting.

 

Click to Read More and View Comments

Click to Hide