This is a developing story. Check back for updates later including a verdict.
LUBBOCK, Texas — Prosecutors and the defense team made closing arguments to the jury in the criminal trial of Bart Reagor in Amarillo. The jury then went into deliberations just after 10:00 a.m. Thursday.
Reagor was the co-owner of Reagor Dykes Auto Group (RDAG). The company collapsed into bankruptcy in 2018 amid accusations of fraud.
Reagor was indicted for two counts of bank fraud and one count of making false statements to a bank. Specifically, Reagor freely admitted he took $1.7 million from the company in 2017. Prosecutors claimed that money came from a $10 million loan from IBC Bank to one of the companies in the auto group.
Prosecutors also claimed it “expressly” violated the loan agreement. The money was for working capital in the business.
Reagor’s defense team claimed it violated nothing. He was free to take money out of the company and free to reimburse himself for money he previously invested into the company.
Even thought RDAG was based in Lubbock, the case was investigated by the FBI office in Amarillo, and the case was prosecuted by the US Department of Justice office in Amarillo.