In 1990 he pled guilty to a felony bank fraud charge for his role in the Lincoln Savings and Loan Association collapse.
[3] In October 1990, García, then a Tucson-based real estate developer pleaded guilty to a felony bank fraud charge for his role as a straw borrower in the collapse of Charles Keating's Lincoln Savings and Loan Association.
[4][5] Garcia "fraudulently obtained a $30-million line of credit in a series of transactions that also helped Lincoln hide its ownership in risky desert Arizona land from regulators.
[6] In 1999, Garcia was involved in six lawsuits alleging he had "abused his position to profit" from a real estate deal where he ultimately acquired 17 company properties at a 10% discount.
[8] It was announced in September 2021 that Garcia had sold more than $3.6 billion of Carvana stock since the previous October, which amounted to 16% of his holdings in the company.