Prominent Texas classic car dealer guilty of fraud
Image: Katherine Tompkins, 2012
One of the most prominent Texas car dealers specializing in classic and vintage automobiles has pled guilty to bank fraud, and will be sentenced to three years in federal prison.
Ricky Prince (58 years old of Prosper, Texas) openly admitted to US District Judge Crone recently that he had increased his financial statements dramatically by including classic vehicles he didn’t own. Claiming to own a number of “incredibly rare” vintage automobiles – including a 1963 Chevrolet Corvette, a 1974 Pantera Detomaso, , a 1938 Ford Custom Street Rod, and a whole host of others – these vehicles were added to falsified statements to decrease his tax burden.
Using many of these false and phony vehicles as collateral to secure extra credit for himself – as well as his multiple business ventures – the amount of fraud has totaled somewhere near $1.35 million over a time period of nearly 3 full years.
As the owner and operator of North Texas Muscle Cars, Prince was a trusted and respected leader of the classic car environment in Texas – and many who knew him are absolutely floored by the recent developments and legal issues. $1.5 million of restitution will also be owed.