Two more former Reagor-Dykes employees plead guilty
A former Reagor-Dykes accounting controller, who was first hired as office manager for the Lamesa dealership, and the former office manager at the Ford store in Plainview pleaded guilty to conspiracy to commit wire fraud. This brings the total of former Reagor-Dykes employees who have pleaded to criminal charges to seven.
Pepper Rickman and Sherri Wood admitted they were part of an inter-dealership floor plan financing fraud scheme that cost Ford Motor Credit more than $27 million, according to court records.
Federal agents submitted six examples of Reagor-Dykes submitting fraudulent financing requests to Ford Credit and what the Auto Group's accounting staff described as "re-flooring" or "dummy flooring."
A "floor plan" is the loan taken out by a dealership to purchase its vehicle inventory. Court records show Rickman and Wood joined the conspiracy to get additional financing or delay payments to the credit agency.
FBI agents report six vehicles were bought and sold by the Amarillo dealership months before the Auto Group requested financing for them from Ford Credit in July 2018.
Wood and Rickman are scheduled for sentencing in March; they face up to five years in prison, up to a $250,000 fine, and/or up to $27 million in restitution to Ford Credit; that figure is the loss all co-conspirators so far have admitted to taking part in.