Bart Reagor Found Guilty on Charge of Making a False Statement to a Bank
A jury at the U.S. federal courthouse in Amarillo took almost two full days to render its verdict in the Bart Reagor case.
The jury started deliberations Thursday morning at about 10:15 a.m., and then on Friday afternoon, just after 3:45 p.m., the jury's findings were announced.
Reagor was found guilty on one count of making a false statement to a bank, and not guilty on two charges of bank fraud. If he would have been convicted on all charges Reagor could have faced a prison sentence of up to 90 years.
The Reagor-Dykes Auto Group had received a $10 million loan from the International Bank of Commerce and Reagor was accused of diverting over $1.5 million from the loan into a personal account.
Multiple times during the jury's two days of deliberations, they sent notes to the judge saying they were "deadlocked." The judge in the case urged the jurors to continue to their multiple times, before officially giving the jury a modified Allen Charge Friday afternoon about two hours before the verdict was announced.
Reagor was one of the two principal owners (the other was Rick Dykes) of the Lubbock-based Reagor-Dykes Auto Group, which went bankrupt over three years ago. Reagor-Dykes had dealerships in Lubbock, Plainview, Floydada, Lamesa and Dallas.
Sentencing for Reagor will be held at a future date and he will still be allowed to be out of jail according to the terms of his pre-trial bond.