Prosecutors Explain Why They Want Bart Reagor to Forfeit $1.76M
Back in December of 2021, Bart Reagor asked to keep the $1.76 million that prosecutors want him to forfeit, and now, prosecutors have responded.
Back in October of 2021, the former co-owner of the Reagor-Dykes Auto Group was found guilty of making a false statement to a bank. A jury determined that Reagor knew that transferring $1.76 million from an IBC Bank loan into his own personal account was illegal, even though Reagor says otherwise.
Reagor argued 2 points in favor of him keeping the money:
- He said that prosecutors were only focused on proving he made a false statement to a bank but didn't provide proof of an exact amount he obtained from the crime
- He argued that since the maximum penalty for making a false statement to a bank was a $1 million fine, that making him forfeit $1.76 million was in violation of the Eighth Amendment
KAMC News reports that on Friday, January 14th, prosecutors responded by saying the $1.76 million was "exactly what [Reagor] wanted to obtain and actually did obtain from his crime, and he should not be able to retain any of it."
Prosecutors also detailed how the $1.76 million had been used to fund his, what they call, "expensive lifestyle."
Reagor is scheduled to be sentenced on March 10th, and faces a maximum penalty of 30 years in prison.