He also admitted to selling 88 pieces of equipment worth more than $1.5 million that Nashville Tractor held in trust for CNH Industrial, the manufacturer of New Holland tractors; and other equipment that he held in trust for Kubota, without notifying the manufacturers. Carter then used the cash to pay Nashville Tractor’s debts. Carter also forged sale and lease contracts for 33 pieces of New Holland equipment, improperly receiving $1.25 million and then improperly selling the equipment to others without telling CNH.
In total, three banks, the SBA and manufacturer financing divisions lost $6.4 million to Carter because of the fraud. Carter is supposed to repay that amount in restitution.