A Texas car dealer who admitted padding his financial statements with classic cars he didn’t own has been sentenced to three years in federal prison and ordered to pay nearly $1.5 million in restitution.
Ricky Prince, 58, of Prosper, was sentenced Aug. 13 by U.S. District Judge Marcia A. Crone in Beaumont.
He is to begin serving his sentence on Sept. 27.
Among the vehicles Prince falsely claimed to own were a 1963 Chevrolet Corvette, a 1974 Pantera Detomaso, a 1967 Chevrolet Chevelle and a 1938 Ford Custom Street Rod, according to a news release from U.S. Attorney John M. Bales for the Eastern District of Texas.
Owner and operator of North Texas Muscle Cars, Inc., in McKinney, Prince pleaded guilty on Sept. 6, 2012, to bank fraud and money laundering, the release said.
He owned the business from March 2007 to August 2010, specializing in antique automobile sales, the release stated. During that time, he submitted false personal finance statements and income tax returns to financial institutions to secure credit for himself and the dealership. As a result, the financial institutions incurred losses of about $1.35 million, according to the release.
The case was investigated by the FBI and the Internal Revenue Service Criminal Investigation and prosecuted by Assistant U.S. Attorney Randall Blake, according to the release.