OKLAHOMA CITY, Okla. – Used car dealer John Langley on Wednesday pleaded guilty to making a false statement to a federally insured credit union, Municipal Employees CU, in a scheme to help him finance his vehicle inventory.
Langley, 62, made the false statements in order to fraudulently take out more than $200,000 in loans from the credit union and pledged vehicles on his lot as collateral.
Langley had operated Bargain Network Auto Sales under his J&K Langley Corporation in 2008 and 2009.
He was charged with fraudulently taking out multiple loans on vehicles that had had been pledged to Floorplan Xpress, a financing company that specializes in lending money to car dealers. The indictment also alleged that Langley defrauded the credit union by selling collateralized vehicles and failing to give the proceeds to the credit union to satisfy his loans.
As part of a plea agreement, Langley agreed to pay the credit union $200,800 in restitution and Floorplan Xpress $75,400. Sentencing has not yet been scheduled.