Former Charleston car dealer pleads guilty to bank fraud charges

A former president of a Southeast Missouri car dealership pleaded guilty to bank fraud in federal court. Richard Galemore, 65, of Cape Girardeau, pleaded guilty to one felony count of bank fraud before United States District Judge Audrey G. Fleissig in Cape Girardeau, according to a release from the United States District Attorney's Office of Eastern Missouri.

Galemore pleaded guilty involving his out-of-trust sale of more than 40 vehicles, or approximately one-half of the dealership's total inventory, which caused the bank to suffer a loss on the loan in excess of $500,000. Galemore was former president of Galemore Motors of Charleston, Mo. Sentencing has been set for Jan. 22. The charge carries a maximum penalty of 30 years in prison and/or fines up to $1 million.

Pertinent address:

Charleston, MO