Man sentenced for fraudulent boat loans
November 5, 2009
Total Loss:
$9.2 million
A Michigan man was sentenced to 12 years in prison after pleading guilty to fraud and other charges for taking out millions of dollars in loans for boats he never bought. Michael Vorce was sentenced last week on charges of bank fraud, money laundering and income tax offenses. He admitted to multiple criminal violations, including defrauding $9.2 million from Macatawa Bank, according to media reports. Vorce, 32, pleaded guilty in June. In his guilty plea, he explained the scheme, where he secured loans for at least 30 boats with fraudulent documents and titles when he owned just four boats.
Source:
tradeonlytoday.com
Posted in:
Account Takeover Identity Theft