From Staff Reports

A 58-year-old Prosper, Texas business owner has been sentenced to prison for federal violations in the Eastern District of Texas, announced U.S. Attorney John M. Bales today.

Ricky Prince pleaded guilty on Sept. 6, to bank fraud and money laundering and was sentenced to a total of 36 months in federal prison on Aug. 13, 2013, by U.S. District Judge Marcia A. Crone. Prince was also ordered to pay restitution for a little more than $1.4 million.

According to information presented in court, from March 2007 to August 2010, Prince owned and operated North Texas Muscle Cars, Inc., specializing in antique automobile sales, in McKinney, Texas. During this time, Prince submitted materially false personal finance statements and income tax returns to financial institutions to secure credit for himself and North Texas Muscle Cars, Inc.

To further the scheme, Prince included antique automobiles such as a 1963 Chevrolet Corvette, a 1974 Pantera Detomasoy, a 1967 Chevrolet Chevelle and a 1938 Ford Custom Street Rod, that were never purchased. As a result of the fraudulent activity, the financial institutions incurred actual losses totaling approximately $1,347,472.

Prince was ordered to report to prison on Sept. 27 to begin serving his sentence.