Owner, Finance Manager Of Norman Car Lot Sentenced In Fraud Case
OKLAHOMA CITY - The owner and finance manager of Lindsey Street Motors in Norman have been sentenced to a total of six years in federal prison after pleading guilty last year to their roles in a 2014 bank fraud case.
Federal prosecutors say Timothy Jay Williams, 54, and Stephen L. Butz, 53, both of Blanchard were sentenced this week.
Williams was sentenced to 41 months; Butz got 31 months. They were also ordered to pay more than $1.2 million in restitution.
Prosecutors say the men they obtained a line of credit from The Bank of Union in return for granting the bank a secured interest in all used cars, proceeds and other products.
But authorities say the men didn't use sales proceeds to repay the bank and instead obtained duplicate vehicle titles for car buyers without notifying the bank.
The Associated Press contributed to this report.