A Benton man was sentenced Monday to 15 months in prison for defrauding a local credit union out of $177,000.
Larry Wayne Toms Jr was sentenced by U.S. District Judge Elizabeth E. Foote on one count of bank fraud. He was also sentenced to five years of supervised release and was ordered to pay $161,066 restitution.
According to the December 12, 2018 guilty plea, Toms, who is a car dealer in Bossier City, Louisiana, submitted fraudulent loan applications for the purchase of three cars from June 1, 2015 to July 23, 2015 to the Post Office Employees Federal Credit Union in Shreveport, and the credit union disbursed $177,000 to Toms.
The three vehicles listed in loan applications did not exist.