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Charleston car dealer pleads guilty to bank fraud

Tuesday, October 16, 2012

CAPE GIRARDEAU -- A longtime Charleston car dealer could spend up to 30 years in jail after entering a guilty plea to bank fraud charges.

Richard Galemore, 65, of Cape Girardeau, pled guilty involving his out-of-trust sale of more than 40 vehicles, or approximately one-half of the dealership's total inventory, which caused the bank to suffer a loss on the loan in excess of $500,000.

According to court documents, for approximately 20 years until September 2008, the financing mechanism for Galemore's used-car inventory was a "floor plan loan" from the bank.

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