Field Silo & Equipment



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Farm Equipment Dealer Pleads Guilty to Fraud
USAgNet - 10/15/2021

The Department of Justice announced that Rickey Carter, 60, of Nashville, Georgia, was sentenced to serve 63 months in prison to be followed by 5 years of supervised release by U.S. District Judge Hugh Lawson on Wednesday, September 15, after he pleaded guilty to bank fraud.

Farm Equipment magazine reports that the court also sentenced Carter to pay more than $6.3 million in monetary restitution to the banks and creditors who were defrauded, as well as to the U.S. Small Business Administration. There is no parole in the federal system.

Carter was the President and CEO of Nashville Tractor. In 2016, he obtained an SBA loan with Farmers and Merchants Bank in the principal amount of $5,000,000. At the same time, NTI obtained a new line of credit and signed a credit agreement with FMB in the amount of $625,000.

In 2010, Carter had entered into an ongoing Wholesale Financing and Security Agreement with CNH Industrial Capital America to finance NTI's purchases of inventory for retail sale or lease. He also entered into a Retail Financing Agreement with CNH under which CNH would purchase NTI's interest in retail installment contracts for the purchase of agricultural and construction equipment with retail customers. The CNH agreement was a primary source of farm and construction equipment inventory for NTI.

Carter was able to continue operations of NTI and other loan arrangements were made with a number of other banks and financing entities. In each instance of a loan with the banks, Carter was required to provide true and complete financial information to the banks and was to provide continuing information for line of credit draws.


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