Many People have no idea what Mike Vorce was doing. This guy is just another guy who made a few bucks then used it to parlay his scams into millions
He was arrogant and flashy He has somewhat admitted to frauding over 16 Million in in phantom boat loans and is still living in his home outside of Grand Rapids
Hopefully the government has his tail for the fake titles. It seems the banks are getting no where chasing him for the money he frauded
I think there is more than has been reported on this guy and am hopeful it will surface over time but as Chris S indicated The fact that Hionis is still living the life i am not holding my breath for a conviction of the Vorce deal
I would like to know too???
Actually I was more ribbing Meat Head Rick, who browses, but doesn't post. But reading the Old Wharf , you guys certainly seemed be doing damage control. With the state of the economy, and this Vorce deal still ringing in banks ears. You can't get anything done in the banking world in West Michigan. A 700+ FICO, and real security is hard to borrow with, it's crazy out there now.... my observations for what its worth. MR
The current Management and Staff of the Wharf Marina are a great bunch of down to earth people. I've seen them help out a complete stranger in a small bowrider to save him from a sea tow and ask for nothing in return. If a guy has a Bayliner or a Sunseeker, they are both boaters, and to the Wharf Marina equal at heart.
It will still be ringing MR.
I wonder if you went in and robbed a bank (at finger point) and stole 7k (pennies compared to him), you could avoid trial and jail time by offering them 1k to settle.
It is hard to believe he has really settled with all of the banks he scammed. Hopefully the stockholders of Macatawa bank, Lake Michigan Credit Union, etc. will force their boards to file a class action lawsuit against him for the losses in stock value he caused. Then, the FBI will finish their investigation and send him to become an in the trunk recipiant for a long time.
"Civil suits by at least six banks are expected to demand more than $16 million from the 30-year-old Grand Rapids man.
It was revealed that two more banks are suing Vorce, accusing him and his companies of fraud and demanding he repay more than $5.8 million.
The suits were filed by Macatawa Bank, of Holland, and LaSalle Bank, now part of Bank of America of Charlotte, N.C.
Macatawa's suit, filed today, said the bank will seek to recover $4.7 million. LaSalle's suit asks for almost $1.2 million.
They are similar to a federal lawsuit filed against him by Wachovia Bank in August. The still-pending suit by Wachovia asks for a judgment of $244,548.
Lake Michigan Credit Union, Irwin Union Bank and Bank of America are also expected to file suits against Vorce, said Robb Wardrop, his attorney.
A Press investigation in April found Vorce borrowed millions of dollars from more than a half-dozen banks, securing loans against a fleet of boats he either didn't own or that didn't exist.
Macatawa President Phil Koning said it has been leading a group of affected banks in collection efforts for the past seven months.
Today's statement was the first official confirmation by Macatawa that Vorce was responsible for $4.7 million in loan losses it reported in March."
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