Florida Financial Advisor and Oklahoma Man Plead Guilty to Bank Fraud Conspiracy
Oklahoma City, Oklahoma – LYLE LIVESAY, 29, of Delray Beach, Florida, and BRANT HOLLOWAY, 36, of Del City, Oklahoma, have both pled guilty to conspiring to commit bank fraud against seven financial institutions, announced Mark A. Yancey, United States Attorney for the Western District of Oklahoma.
On May 2, 2017, in a nine-count indictment, a federal grand jury charged Livesay and Holloway with conspiracy to commit bank fraud against multiple financial institutions in Oklahoma and elsewhere. The indictment also charges Livesay with making a false statement to a federally insured financial institution and money laundering and charges Holloway with making a false statement to an FBI agent.
According to the indictment, Livesay and Holloway submitted false loan applications in the name of Holloway’s roommate, T.M., purportedly for the purpose of purchasing vehicles from True Cars Express, a luxury car dealership in Florida. T.M., however, did not intend to purchase any vehicles—rather, T.M. and Holloway planned to use the loans to open a used car lot. In addition, the applications inflated T.M.’s income by falsely indicating that T.M. worked at Thunder Vapor, a business that sold electronic cigarettes and related products in Del City, Oklahoma. In exchange for a commission, Livesay gave Holloway and T.M. vehicle purchase agreements and certificates of title from True Cars Express, as well as fabricated Thunder Vapor pay stubs.
Last week, Livesay pled guilty to one count of money laundering, based on his transfer of fraud proceeds from his True Cars Express bank account to one under the control of Beta Capital Group, his financial consulting firm. At a plea hearing yesterday, Holloway pled guilty to a superseding information that charges him with conspiracy for his role in the fraud scheme.
At sentencing, Livesay faces up to 10 years in prison; Holloway faces up to 5 years of imprisonment. Both defendants face up to three years of supervised release and a maximum $250,00.00 fine. They have also agreed to pay restitution to victims.
This case is the result of an investigation by the Federal Bureau of Investigation. It is being prosecuted by Assistant U.S. Attorney Julia E. Barry.