The Department of Justice has sentenced the owner of a south Georgia tractor dealership to 63 months in prison for bank fraud. The judge also ordered Rickey Carter to pay more than $6.3 million in restitution to the banks and creditors he defrauded as well as the Small Business Administration.
In June, Carter, owner of Nashville Tractor, pleaded guilty in federal court to lying about his debts, assets and income to obtain loans from banks and financial institutions.
The charge said Carter took out a $5 million loan in 2016 that was backed by the Small Business Administration. He also agreed to a $625,000 line of credit. Carter admitted he falsified financial statements in order to obtain the loan for his financially troubled tractor dealership.
He also admitted to selling 88 pieces of equipment worth more than $1.5 million that Nashville Tractor held in trust for CNH Industrial, and other equipment he held in trust for Kubota, without notifying the manufacturers. Carter then used the cash to pay Nashville Tractor’s debts.
Carter also forged sale and lease contracts for 33 pieces of New Holland equipment, improperly receiving $1.25 million, then improperly selling the equipment to others without telling CNH.
In the federal system, Carter will not be eligible for parole.
Sources: Associated Press, Department of Justice