A former Huntington area car dealer has pleaded guilty to federal charges

[CarDealerCheck]

A former Huntington area car dealer has pleaded guilty to federal charges in US District Court in Huntington

The trial for Fred Davis was expected to begin Monday, instead Davis pleaded guilty to one count of Bank Fraud and 1 count of Money Laundering.

Davis who owned Davis Chrysler Plymouth Jeep Eagle was indicted in 2006 for his role in what federal prosecutors called a complex fraud scheme. They say Davis stole 6 million dollars from BB&T as part of that scheme.

That original 38 count indictment included 1-count of Bank Fraud, 20-counts of Wire Fraud, and 17-counts of Money Laundering.

He sold the business in 2003.

Davis will be sentenced in June. He faces 40 years in prison and could pay restitution of 15 million dollars.

Source: http://www.wsaz.com