Wichita Falls Entrepreneur Charged with Defrauding a Bank

Published 12/31 2013 04:40PM

Updated 01/01 2014 11:23AM

A Wichita Falls entrepreneur has posted $50,000 bond after being charged with defrauding a bank by selling a car he did not have clear title to.

Forty-eight year old Ronald Mallonee is charged with hindering a secured creditor over $20,000. A bank official told police Mallonee received a loan in 2007 with title of a 1969 Corvette valued at $25,000 as collateral.

In November, the official says the bank informed Mallonee the car was going to be repossessed due to lack of payment and learned that Mallonee had obtained a replacement copy of the car title and had sold the car to someone without informing the buyer of the lien.

In 2005, Mallonee, another Wichita Falls man, and a third man started Squid Soap, a soap marketed to kids with a dye to teach them to wash their hands until the dye washed off.

The soap was marketed nationally and sold at major retailers such as Walmart and Target.

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