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May 29, 2009

FORMER AUTO DEALER INDICTED FOR BANK FRAUD

(BROWNSVILLE, Texas) – A six-count indictment has been unsealed charging John Jeff Woodard Jr., 47, of Harlingen, Texas, with bank fraud, acting United States Attorney Tim Johnson announced today. The charges include one count of operating a scheme to defraud federally-insured banks through a check kite scheme involving the accounts of several of his businesses and resulting in a significant financial loss in addition to five counts of bank fraud relating to applications for individual loans and extensions of credit for his businesses.

Woodard operated Harlingen Imports, also known as Competition Car and Truck Center, in Harlingen, Competition Chrysler Dodge Jeep and Competition RGV in Raymondville, Texas, and Competition Motor Sports, with locations in Harlingen and McAllen, Texas. The check kite scheme is alleged to have covered from Nov. 1, 2004, through Jan. 30, 2006.

Woodard was taken into custody this morning and will make his initial appearance at 10:00 a.m. today before United States Magistrate Judge Ronald Morgan.

This case was investigated by the FBI and is being prosecuted by Assistant U.S. Attorney Michael Wynne.

 

 

 

 

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