Bart Reagor Must Pay Over $2.7 Million to Universal Underwriters Insurance Services
On Monday, June 7th, 2021, Bart Reagor was ordered to pay over $2.7 million to Universal Underwriters Insurance Services.
KAMC News reports that the lawsuit against Reagor was first filed back in March 2019. Back then, Universal Underwriters claimed that they had loaned Reagor-Dykes Auto Group $3 million in June 2016, and that Bart Reagor himself had signed a personal guaranty which said he would be required to pay the company back if the company was unable to do so. The Universal Underwriters products offered to Reagor-Dykes customers included vehicle service contracts, debt cancellation contracts, theft deterrent contracts, road hazard protection contracts and limited warranty contracts.
In August 2018, Reagor-Dykes filed for bankruptcy following accusations of check kiting schemes and fraud. The bankruptcy filing happened before Universal Underwriters were fully paid back for their loan.
Multiple former Reagor-Dykes employees since then have pleaded guilty to their roles in the fraud scheme that led to the company's bankruptcy, including former Chief Financial Officer Shane Smith.
Bart Reagor has had to pay up in court multiple times before now. In October 2019, he was ordered to pay $53.7 million to Ford Motor Company. In November 2019, he payed almost $1.8 million to Vista Bank, and that same month he paid $23.8 million to International Bank of Commerce.