Advertisement

Texas News

News > News > Texas News > 3rd man guilty in West Texas vehicle loans scheme

3rd man guilty in West Texas vehicle loans scheme

MIDLAND, Texas (AP) - A car dealer has pleaded guilty in a West Texas vehicle financing scam that led to a credit union losing $3.9 million dollars on more than 300 bogus loans.

Prosecutors say Raymond Holguin Jr. of Odessa pleaded guilty Monday to conspiracy to commit bank fraud.

Holguin, who operated a company named Motor City, faces up to 30 years in prison. A company sales manager and a former loan officer with My Community Federal Credit Union earlier pleaded guilty to the same charge. Both await sentencing.

Prosecutors say the trio devised a plan to approve loans for customers who did not meet the credit union's lending standards. Investigators say the credit union officer never verified any information in the loan documents before approving the applications and receiving a kickback from Holguin.

As Texas teachers get back to work, many of them today around Austin, they're returning as their districts have...
Beginning September 17th, the only "emotional support animals" that will be allowed on any Southwest flights are...
(Credit: Texas Tech University System) Robert Duncan, a longtime West Texas lawmaker before serving as chancellor...
A gun issued to Texas Democratic gubernatorial candidate Lupe Valdez while she was Dallas County sheriff seven...
If you're driving in San Marcos next Tuesday you might see school zone signs flashing. That's just for city crews...