North Louisiana car dealer pleads in fraud case
SHREVEPORT - Federal prosecutors say a Louisiana car dealer has pleaded guilty in a bank fraud case.
Acting U.S. Attorney Alexander C. Van Hook, in a news release Wednesday, said 41-year-old Larry Wayne Toms Jr., of Benton, pleaded guilty to taking out fake loans for three cars that didn't exist.
Tuesday's plea before U.S. District Judge Elizabeth E. Foote was to one count of bank fraud.
Hook's office says Toms, a Bossier City car dealer, submitted fraudulent loan applications for three cars from June 1, 2015 to July 23, 2015 to the Post Office Employees Federal Credit Union in Shreveport, and the credit union disbursed $177,000 to Toms.
Toms faces up to 30 years in prison, five years of supervised release and a $1 million fine. Sentencing is set for March 23.