Weier negotiating plea agreement
A Mitchell man accused of bank fraud is negotiating a plea agreement with federal prosecutors.
William D. Weier, 48, was indicted in January in federal court for allegedly attempting to defraud First National Bank South Dakota in Mitchell while he was doing business as Auto Xpress Inc., also located in Mitchell.
Tuesday was the deadline for attorneys to notify the court of a plea agreement, but Weier's attorney, Assistant Federal Public Defender Timothy J. Langley, has requested that deadline be extended 30 days to allow plea negotiations to continue. A jury trial is scheduled for later this month, but could be avoided if an agreement is reached.
Weier allegedly sold vehicles he purchased with a $250,000 loan from First National Bank, but did not provide proceeds from the car sales to the bank as was stipulated in the loan agreement. He also agreed to provide First National Bank with a security interest for all vehicles purchased with the loan. This means in the event he fails to repay the loan, the bank would take possession of those vehicles and have the right to sell them.
Weier is out of custody on bond. He faces a maximum of 30 years in prison and a $1 million fine.