Two former Reagor Dykes Auto Group employees pleaded guilty for their part in the group’s fraud scheme.
On Friday, October 25th, 47-year-old Pepper Laray Rickman and 53-year-old Sherri Lynn Wood plead guilty to conspiracy to commit wire fraud for their role in the auto group’s floor plan fraud.
Rickman, accounting controller and Wood, officer manager for the Plainview store confessed to using “dummy flooring” fake flooring” and “re-flooring” which is using old vehicle identification numbers for cars that have already been sold to apply for new loans.
After getting the new floor plan funding, Reagor Dykes would use the already sold loan to cover other expenses.
Both could face up to five years in federal prison and could be required to pay at least $27 million in restitution.