On December 13, 2017, Acting United States Attorney Alexander C. Van Hook announced that a Benton, Louisiana man had pleaded guilty to taking out loans for three cars that did not exist. 41-year-old Larry Wayne Toms Jr. of Benton pleaded guilty to a single count of bank fraud. Toms is a car dealer out of Bossier City.
The defendant admitted to submitting fraudulent loan applications for the purchase of three vehicles from June 1, 2015 to July 23, 2015. The fraudulent loan applications were submitted to the Post Office Employees Federal Credit Union in Shreveport. As a result, the credit union distributed $177,000 to Toms.
The three cars listed in the loan applications did not exist. The court has scheduled for Toms to be sentenced on March 23, 2018. At the time of his sentencing, Toms will face a maximum of 30 years in prison and five years of supervised release. He will also face a maximum fine of $1 million. Additional details can be found here.