Bart Reagor Says Diverting Loan Money to His Account Was ‘Permissible’
On Tuesday, September 28th, the defense for former Reagor-Dykes Auto Group Co-owner Bart Reagor said that his client's actions were "wholly permissible."
Back in April 2021, Reagor was indicted for bank fraud and making a false statement to a bank. It's said that Reagor took out a loan from IBC Bank and transferred over $1.7 million of that loan money into his personal bank account.
KAMC News reports that back in 2017, Reagor and his business partner, Rick Dykes, put their own personal money into the company after what they call a disappointing audit. Later on, Reagor reimbursed himself for the money that he had put into the company.
Reagor's attorney says that the loan agreement allowed for this distribution to take place, since nothing it was not required to alert IBC of the distribution or ask permission to pay themselves back for "previous capital contributions."
On top of all this, Reagor filed an objection to certain exhibits at trial. One of which was what's called "evidence of Reagor's net worth." He claims that even if he bragged about his net worth during office meetings, it doesn't prove or disprove anything in relation to the indictment at hand.
The actual trial date is still set for Tuesday, October 12th, 2021.
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