LUBBOCK, Texas — Bart Reagor agreed to forfeit $1.76 million recently, according to federal court records. A federal judge February 14 ordered the forfeiture to go forward.
Reagor was convicted by a jury in Amarillo of making a false statement to a bank. He was co-owner of the Lubbock-based Reagor Dykes Auto Group (RDAG) when it collapsed into bankruptcy amid accusations of fraud and default.
Prior to the bankruptcy, filed on August 1, 2018, Reagor extracted more than $1.7 million from the company, which came on the heels of a $10 million loan from IBC Bank to RDAG. Reagor said there was nothing wrong with that and freely admitted taking the money. Federal prosecutors argued otherwise. The other co-owner, Rick Dykes, also took $1.7 million during the time in question but was not prosecuted.
While Dan Cogdell was Reagor’s attorney, he filed an objection to the forfeiture. Recently, Reagor hired high-profile attorney John J.E. Markham, II. It would appear from the official documentation Markham has a different view of the forfeiture.
In a document filed Friday, Markham wrote, “Given the law cited by the government in the Forfeiture Motion and given the verdict, there is no basis on which Defendant Reagor can oppose the Forfeiture Motion.”
On November 2, 2018, the FBI seized $950,951.18 from Reagor in one of his personal bank accounts. That money will be subject to claims by IBC Bank or others through an official posting at www.forfeiture.gov.
The case was prosecuted in Amarillo, where RDAG had a dealership. Reagor will be sentenced on March 10.