Former Owner of Vanzant Motor Company to Serve One Year in Prison for Bank Fraud

OKLAHOMA CITY—KEVIN D. VANZANT, 46, of Mustang, was sentenced today by United States District Judge Timothy D. DeGiusti to serve 12 months and one day in federal prison for defrauding BancFirst and two automobile finance companies, announced Sanford C. Coats, United States Attorney for the Western District of Oklahoma. Judge DeGiusti also ordered Vanzant to pay restitution to victims totaling $415,757.40.

According to charges filed on March 15, 2010, Vanzant owned and operated Vanzant Motor Company, a car dealership in Bethany, Oklahoma. In February of 2006, he borrowed money from BancFirst that was secured by the cars on the lot. During 2007 and early 2008, he sold collateralized cars out of trust, without notifying the bank or paying down the secured loan with the proceeds of the sales. According to the charges, he obtained duplicate car titles from the Oklahoma Tax Commission and provided those titles to customers to facilitate the fraud.

On May 28, 2010, Vanzant pled guilty to one count of bank fraud.

At the sentencing hearing today, Judge DeGiusti ordered Vanzant to pay restitution of $156,614.12 to BancFirst; $179,897.49 to Automotive Finance Corporation; and $79,245.79 to Dealer Services Corporation, for a total of $415,757.40. Vanzant was also ordered to serve three years of supervised release after he has completed his prison term and to perform 104 hours of community service during his first year on supervised release.

This case was investigated by the Federal Bureau of Investigation and the United States Secret Service. It was prosecuted by Assistant U.S. Attorney Scott E. Williams.