UPDATE: Grisanti sentence hearing scheduled

By Patsy R. Brumfield/Daily Journal

OXFORD – Former Oxford businessman Dino Grisanti will be sentenced May 26 after his October guilty plea to bank fraud.

Grisanti, who now lives in the Memphis area, agreed to a plea deal last July, admitting he defrauded Regions Bank of more than $2 million while he owned Grisanti Rebel Motors in Oxford.

He admitted that he used a Regions line of credit to buy vehicles for retail sale with the obligation to account for and repay all or parts of the proceeds for each sale to Regions.

However, he said, he concealed sales of 66 vehicles and did not repay Regions.

During his Oct. 21 guilty plea hearing, Grisanti’s attorney, Tony Farese of Ashland, told the court his client had substantially repaid the debt.

He faces up to 30 years in prison and a $1 million fine.