Car dealer arrested for false statements | Crime
A Harrah man who sold used cars in Oklahoma City has pleaded guilty to making a false statement to a federally insured credit union.
Officials say 62-year-old John Langley sold cars through Bargain Network Auto Sales in 2008 and 2009.
Earlier this year, he was indicted for fraudulently taking out multiple loans on vehicles.
The indictment alleges that he borrowed money from Municipal Employees Credit Union and pledged vehicles on his lot as collateral.
However, those same vehicles had been pledged to Floorplan Xpress.
Officials also say Langley sold the vehicles and did not give the proceeds to the credit union to pay off his loans.
Langley pleaded guilty to giving a fictitious lien release letter on Floorplan Xpress letterhead to Municipal Employees Credit Union.
He agreed to pay restitution and faces a potential penalty of 30 years in prison.