Richard Galemore, former car dealer p...

Richard Galemore, former car dealer pleads guilty to bank fraud

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guest

Charleston, MO

#1 Oct 16, 2012
Former Charleston car dealer pleads guilty to bank fraud charges

Southeast Missourian October 16, 2012

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.

Copyright 2012 Southeast Missourian.
http://www.semissourian.com/story/1903991.htm...
really

Saint Louis, MO

#2 Oct 16, 2012
I say God bless the Galemore's!Not a one of us is not guilty of mistakes!! Leave them alone and show compassion to the family!!
come on

Saint Louis, MO

#3 Oct 16, 2012
what bank was it??
RUkidding

United States

#4 Oct 16, 2012
really wrote:
I say God bless the Galemore's!Not a one of us is not guilty of mistakes!! Leave them alone and show compassion to the family!!
He made the bank suffer over a 1/2 million dollar loss and do you realize what that to anyone with investments in that bank? Ouch! Compassion? Have compassion for anyone having an account in that bank let alone another local business trying to secure a loan.
guest

Cape Girardeau, MO

#6 Oct 16, 2012
Richard has always seemed arrogant to me, so I think it's funny.

He intentionally perpetrated a $500,000 fraud on a local bank (Citizen's); and that hurts everyone who has interest in, or accounts with, that Bank.

in all fairness, he should have to make full restitution AND do a little time.
serious

Cape Girardeau, MO

#7 Oct 17, 2012
How is this going to effect the rest of the people that bank at Citizens Bank?
guest

Cape Girardeau, MO

#8 Oct 17, 2012
serious wrote:
How is this going to effect the rest of the people that bank at Citizens Bank?
The bank's fear of being suckered a second time will have a chilling effect on all loan types.

Secured loans (loans with collateral), will require additional information and permit less flexibility with the collateral, so itll be harder to qualify...
not for long

Saint Louis, MO

#9 Oct 17, 2012
I am not hearing about other tremendous bad loans nade by local banks!! How about the cattle loan in Dogwood? How about the loan made in Sikeston to a business that went belly up. If you are going to get on here and pick one of your bad loans,lets hear the rest of the story.
know better

Saint Louis, MO

#10 Oct 17, 2012
what was the loan officer thinking when the cars were not visible on the lot. Seems to me he dropped the ball.He must have signed off that they were there.
know better

Saint Louis, MO

#11 Oct 17, 2012
Guest from Charleston certainly wanted this known hiding behind the Southeast Missourian.Maybe he or she would like some of their dirty laundry on topix.
Biased

Saint Louis, MO

#12 Oct 17, 2012
I love the post from Jackson mentioning being suckered a second time. SECOND time? Are you serious??????
guest

Saint Louis, MO

#13 Oct 17, 2012
O.K. lets back off before things come out you don't want out.
Guest

United States

#15 Oct 17, 2012
He knew what he was doing. His Dad built that Business and he destroyed it. So who's fault is it.
guest

Saint Louis, MO

#16 Oct 17, 2012
I don't believe it was all citizens. Right!!
county resident

Florissant, MO

#17 Oct 17, 2012
Richard made some mistakes but he didn't run the business into the ground. Have you been in this county for long? Have you noticed that business is down all over? Everyone is hurting. Galemore was just the first casualty in the county.
Murph

Sikeston, MO

#20 Oct 18, 2012
What happened to Courtesy Ford?
guest

Fenton, MO

#21 Oct 18, 2012
Guess! look at it now!
Saint Louis

Saint Louis, MO

#22 Oct 18, 2012
I agree with comment about Citizens Bank. Was an eye turned the other way for some type of compensation? The Galemores were always out to help people with a DECENT deal, Richard included. Richard was always a friend to myself and my family. I hope the best for him.
guest

Cape Girardeau, MO

#23 Oct 18, 2012
Biased wrote:
I love the post from Jackson mentioning being suckered a second time. SECOND time? Are you serious??????
The reference to being 'suckered a second time' refers to Galemore as the first bad loan, and whomever needs money next as the party who doesn't get a loan bc the bank is more risk-adverse now...
guest

Fenton, MO

#25 Oct 19, 2012
guest wrote:
<quoted text>
The reference to being 'suckered a second time' refers to Galemore as the first bad loan, and whomever needs money next as the party who doesn't get a loan bc the bank is more risk-adverse now...
Sorry
Jackson but Galemore's was not the first big bad loan!!They just happen to be taking the rap from people like you.

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