The former president of a southeast Missouri car dealership has pleaded guilty to bank fraud.
Federal prosecutors say Richard Galemore, 65, of Cape Girardeau admitted Monday that he sold more than 40 vehicles without paying a bank for the original loan.
The scheme cost the bank more than $500,000.
Galemore also closed Galemore Motors in Charleston without notifying bank in September 2008. KFVS reports that when a bank representative came to repossess the vehicles, they were not on the lot.
He is scheduled to be sentenced Jan. 22.
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