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Former automobile dealership Henrietta might face jail time for mendacity to get $ 106,050 in loans from a Wichita Falls financial institution, based on courtroom information.

Kenneth Windell Patterson, 78, of Archer Metropolis, was launched from Wichita County Jail on Monday on $ 10,001 bail, based on on-line jail information.

Patterson, who owned Ken Patterson Auto Gross sales Inc., pleaded responsible in thirtieth District Court docket on March 4, 2011 to creating a false assertion to acquire property or credit score, based on courtroom paperwork.

A decide ordered him to pay the financial institution restitution and serve 10 years of deferred choice probation, which implies he might keep away from a conviction by passing probation, courtroom information present.

However Patterson was arrested on Friday and is charged with being late for $ 41,713 in restitution to a financial institution, failing to report back to his probation officer and failing to finish a flight course throughout the required time, based on allegations in courtroom paperwork.

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The Wichita County District Legal professional’s Workplace is asking a decide to condemn Patterson in gentle of the alleged probation violations, courtroom paperwork present.

Patterson faces as much as 20 years in jail for a June 19, 2008 incident.

An arrest warrant affidavit gave this account of the allegations towards Patterson:

A Wichita Falls police officer attended the First Nationwide Financial institution of Byers-Cattleman department and spoke with the President on December 8, 2008.

The president mentioned the financial institution had made loans primarily based on Ken Patterson Auto Gross sales’s discipline automobiles for a number of years.

About two months in the past, the financial institution came upon that Patterson was getting loans for automobiles he did not personal and did not purchase.

Primarily based on a certificates of title and different paperwork, the financial institution would ship a mortgage to the automobile dealership.

Patterson was supposed to offer the automobile title to the financial institution inside two days. This lasted from the mid-Nineties to 2008 when issues arose.

For instance, on October 6, 2008, Patterson faxed a automobile wholesale worth type and a replica of the title to the financial institution.

Patterson needed a mortgage of $ 6,550 for a 2004 Ford, which was to be the safety for the mortgage.

The financial institution made the mortgage and deposited the cash into Patterson’s firm checking account.

The financial institution ready a promissory observe and a industrial assure settlement for the mortgage.

The financial institution recurrently used a stamp for Patterson’s signature on its loans as a courtesy to forestall him from driving from Henrietta to Wichita Falls for every mortgage.

Patterson had given the financial institution the signature stamp and licensed its use for his enterprise loans.

In October 2008, financial institution workers found that the monetary establishment had made 11 loans to Patterson on automobiles he didn’t personal or acquired utilizing the above technique.

The financial institution president advised the officer that Patterson did not have the cash to repay the fraudulent loans.

The financial institution found the scheme when Patterson advised his mortgage officer that he was utilizing automobiles he didn’t have as collateral.

He disclosed the fraud when he knew financial institution workers have been coming to examine the ground plan and he must reply for lacking automobiles.

The financial institution president mentioned Patterson admitted what he did when he confronted him.

Patterson mentioned that previously three months he had used automobiles he didn’t have as collateral.

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Trish Choate, company watchdog reporter for The Instances Document Information, covers training, the courts, breaking information, politics and extra. Contact Trish with information suggestions at [email protected] His Twitter deal with is @Trishapedia.

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