Former Car Dealer Indicted for Bank Fraud
Oklahoma City, Oklahoma – JOHN B. LANGLEY, 62, of Harrah, Oklahoma, has been indicted on charges of bank fraud and making a false statement to a federally insured credit union, announced Sanford C. Coats, United States Attorney for the Western District of Oklahoma.
According to the indictment, Langley owned and operated J&K Langley Corporation, which sold used cars in Oklahoma City under the name Bargain Network Auto Sales. Count One of the indictment alleges that during 2008 and 2009, Langley borrowed money from Municipal Employees Credit Union and pledged vehicles on his lot as collateral, when he knew that those vehicles had been pledged to Floorplan Xpress, a financing company that specializes in lending money to car dealers. The indictment also alleges that Langley defrauded the credit union by selling collateralized vehicles and failing to give the proceeds to the credit union to satisfy his loans.
Count Two alleges that Langley engaged in similar fraudulent conduct in dealings with BancFirst. Count Three charges Langley with making a false statement to Municipal Employees Credit Union on March 23, 2009, by giving the credit union a forged lien release letter—supposedly been created by Floorplan Xpress—relating to a 2009 Nissan Maxima.
Each of the three counts carries a potential penalty of thirty years in prison and a fine of $1,000,000.00, in addition to mandatory restitution.
These charges are the result of an investigation conducted by the Federal Bureau of Investigation. The case is being prosecuted by Assistant U.S. Attorney Scott E. Williams.
The public is reminded that the indictment is merely an accusation and that the defendant is presumed innocent unless and until proven guilty. Reference is made to the indictment and other public filings for further information.