A former Oklahoma automobile dealer is to serve 16 months in prison for bank fraud and pay $276,000 in restitution.
The U.S. Attorney's Office said Thursday that 62-year-old John. B. Langley of Harrah was convicted of making a false statement to a federally insured credit union.
Prosecutors say Langley owned and operated J&K Langley Corp. in 2008 and 2009. The business sold used cars in Oklahoma City under the name Bargain Network Auto Sales.
Langley was accused of taking out duplicate loans from a credit union by pledging his inventory as collateral after securing a loan with another lender with the same vehicles.