Former Reagor-Dykes CFO sentenced to 7 years in prison
LUBBOCK, Texas (KCBD) - The former Chief Financial Officer of the Reagor-Dykes Auto Group was sentenced to seven years in prison Thursday.
Shane Smith received a sentence of 84 months in federal prison. He was also ordered to pay more than $59 million in restitution.
He pleaded guilty in 2019 to conspiracy to commit wire fraud. He’s one of 15 employees of the auto group who pleaded guilty to crimes surrounding what prosecutors call ‘dummy flooring’ and ‘check kiting’.
“By the time Mr. Smith was charged in 2019, Reagor Dykes was a cesspool of criminal schemes, from check kiting to dummy flooring,” said U.S. Attorney Chad Meacham in a news release. “We are proud of the work we’ve done to hold this defendant – and more than a dozen of his coworkers – accountable for their egregious behavior.”
Smith was credited for testifying against Reagor-Dykes owner Bart Reagor in October. His seven-year sentence is less than half the maximum sentence of 20 years.
Smith will not have to report to prison until March 28.
READ MORE: RDAG: Shane Smith, Steven Reinhart sentencing date rescheduled
Smith was originally scheduled for sentencing on December 21. Smith testified that he led the floor plan and check kiting scheme and recruited other employees without telling owners Bart Reagor or Rick Dykes.
Smith is the last of the 15 employees to be sentenced. He received the longest prison sentence and largest restitution of all 15 employees.
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