March 18, 2010
An Oklahoma City businessman crashed his Lexus sports car Wednesday during a chase involving Internal Revenue Service agents, police said.
Clovis L. Prince, 59, an ex-convict and current president and chief executive officer of Prince & Associates in Dallas, was arrested on federal warrants from Texas, Oklahoma City police Sgt. Jennifer Wardlow said.
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He was booked in the Oklahoma County jail after he was treated at a hospital, Wardlow said.
An IRS spokesman said the agency doesn’t comment about specific cases, but court records show Prince was indicted in September by a federal grand jury in Texas on one count of bank fraud and 14 counts of engaging in monetary transactions in property derived from bank fraud. Last week, Prince also was indicted on 10 counts of perjury and five counts of bankruptcy fraud, court documents show.
The indictments from the Eastern District of Texas Sherman Division indicate a money judgment against Prince was issued for at least $10.7 million, which resulted from one count of bank fraud and 14 counts of engaging in monetary transactions in property derived from the bank fraud.
Wardlow said Oklahoma City police became involved about 7:20 a.m. when a patrol officer near Remington Park saw Prince’s Lexus come "around a corner at a high rate of speed, nearly hitting the police car.”
The officer then noticed an unmarked vehicle with police lights turned on following the Lexus, she said.
The chase continued until both cars headed north on Grand Boulevard, and Prince crashed his car into two poles near NE 58 and Grand, she said.
"The driver was apparently stunned from the accident,” Wardlow said.