UPDATE March 5th 5:30pm

CHATTANOOGA (WRCB) -- A federal judge sentenced Joe Prebul to one year in prison.

Other terms of the sentence for the one count of larceny are as follows:

  • One year supervised probation
  • 400 hours community service
  • Prebul must forfeit assets totaling $6 million
  • He does not have to pay a fine

UPDATE Dec 10th 4:30 PM

CHATTANOOGA (WRCB) - 

Joe Prebul is talking to Eyewitness News for the first time since the fall of his auto-dealer empire.

Eyewitness News Reporter Callie Starnes sat down with Prebul for a one-on-one interview.

Prebul says his new position at Lexus of Chattanooga came at the "perfect time".

"He (Bob McKamey) needed someone to come into his Lexus store," said Prebul, "his previous people are fabulous but they've moved on to other things, and the timing was just perfect -right after the case was over"

It's a case Joe Prebul wouldn't discuss during our interview today, but one the Tennessee Valley will remember.

Authorities seized his assets last February, and charged him with 11 counts of wire fraud.

He faced 20 years in prison, but reached a plea deal last month.

Prebul pleaded guilty to one count of larceny and vowed to pay back the $6 million he bilked from his brother-n-law.

"I'm moving on," Prebul told us, "Mr. McKamey has given me this great opportunity and I'm moving on."

Tune into Eyewitness News at 6 for more of Prebul's interview. We ask if he believes his tarnished reputation could effect business. His answer to that and more tonight at 6 pm.

Dec 9th 9 pm

CHATTANOOGA (WRCB) - Channel 3 Eyewitness News confirmed through multiple sources on Wednesday that Joe Prebul has a new job selling cars in Chattanooga.

As we reported Wednesday on Eyewitness News at 11:00, sources tell us he has been named as the Sales Manager of Lexus of Chattanooga.  Prebul previously owned several dealerships in the area until filing for bankruptcy and facing federal charges. Prebul has since pleaded guilty to misdemeanor larceny.

Bob McKamey, president of Capital Toyota and Lexus of Chattanooga, told the Chattanooga Times Free Press that Mr. Prebul deserves a second chance.

"I am honored that Bob McKamey and his son Jeff are giving me the opportunity to run his Lexus dealership, and I hope I can provide a good service to them and to the community."

In November, Prebul pleaded guilty in New York to larceny which is a misdemeanor charge and carries a maximum sentence of a year in prison. Prebul faced 11 counts of wire fraud.

He's accused of swindling millions of dollars from his brother-in-law. Prebul lost all of his Tennessee Valley dealerships.

He'll be sentenced March 5th.