HUNTINGTON, WV – FREDERICK G. DAVIS, 51 of Lesage, WV pled guilty today before United States District Judge Robert C. Chambers to one count of bank fraud and one count of engaging in an unlawful monetary transaction. DAVIS, the owner of Davis Chrysler Plymouth Jeep Eagle car dealership on Rt. 60 in Huntington, WV from 1996 to 2003, admitted at his plea hearing to defrauding BB&T from July 2001 through December 2002, through a line of credit Davis Chrysler had with the bank. The fraud resulted in a loss between $2.5 and $7 million. DAVIS further admitted to causing a check in the amount of $100,000 involving proceeds of the bank fraud to be withdrawn from Davis Chrysler and made payable to Davis Toyota.

DAVIS, who is scheduled to be sentenced on June 2, 2008, faces a maximum statutory penalty of 40 years in prison, a fine consisting of the greater of $1.25 million or twice the loss caused by the offense, an order of restitution, and 5 years supervised release.

The Internal Revenue Service, Criminal Investigation Division, and the Federal Bureau of Investigation jointly conducted the investigation. Assistant United States Attorneys Susan M. Robinson and Philip H. Wright are handling the prosecution.