A Cape man has pled guilty to one felony count of bank fraud after causing a bank to lose 500-thousand dollars. 65-year old Richard Galemore, owner of Galemore Motor Company of Charleston, appeared before Judge Audrey Fessig Monday for his involvement in a bank fraud cause. According to court documents for about 20 years until September 2008 the financing mechanism used in the company’s inventory was a “floor plan loan”. Galemore broke the agreement of the plan by selling some automobiles out of trust. It was discovered during a spot check in March and July of 2008. In September of that year Galemore shut his dealership in Charleston down without notifying the bank. He pled guilty Monday in court and has his sentencing set for January 22nd, 2013. The charge carries a max prison sentence of 30 years and fines up to 1-million dollars.
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