Shane Smith, former Chief Financial Officer of the Reagor-Dykes Auto Group, accepted a plea deal Tuesday afternoon in federal court after being charged with conspiracy to commit wire fraud by prosecutors in Amarillo.

According to KAMC News, the plea deal also holds Smith responsible for over $50 million of restitution.

The charge accused Smith of committing floor plan fraud, a floor plan being a loan for auto dealerships that covers a list of vehicles. Reagor-Dykes were apparently borrowing money through its floor plan on vehicles it didn't even have.

The loss amount for the floor plan fraud is over $27 million.

Smith was also accused of check kiting, a way of manipulating checking accounts to make it seem like money is available when it isn't.

The charges against Smith were filed in the U.S. District Court for the Northern District of Texas, Amarillo Division.

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