mike vorce, why is he not in jail?
06-29-2008, 08:35 PM
#11
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i would thing the govt. would prosecute this no matter what the banks say.he "allegedly" brought faked paperwork to another state , got a title, and used that title to go to banks and borrow money.
06-30-2008, 07:05 AM
#15
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Here's some about the douche-bag from last fall. Don't know the latest. Like I said, hopefully a federal prison play-toy soon.
Ex-boat broker apologizes to banks
Posted by Chronicle News Service October 15, 2007 21:01PM
Categories: Grand Rapids
GRAND RAPIDS -- Deluged with lawsuits demanding millions in repayments, former boat broker Michael Vorce has broken his silence -- and apologized.
Michael Vorce"I want to apologize to the banks, their employees and shareholders involved in this matter," Vorce said in a written statement to The Press this afternoon.
The statement marked his first public statement since he came under investigation last winter amid allegations he had taken out millions in loans on expensive yachts which either did not exist or he did not own.
The former boat broker's business interests included leasing The Wharf Marina, 501 N. Third in Grand Haven, although the lease was terminated because of nonpayment of rent and property taxes, the owner said. The Wharf Marina is privately-owned and is one of several marinas in the Grand Haven area.
Civil suits by at least six banks are expected to demand more than $16 million from the 30-year-old Grand Rapids man.
"I betrayed their trust and confidence as a borrower, and I am sincerely sorry for my actions which led to financial difficulties for the banks," he continued.
"I am grateful to have established a working relationship with the banks to cooperate in securing and liquidating assets towards the repayment of my debts.
"I am deeply sorry for the disappointment and embarrassment I have caused my family. They are extraordinary people who exhibit integrity and moral character on every level, and undeserving of the consequences of my mistakes.
"I remain in Grand Rapids working to fulfill my obligations and to answer for my actions."
Vorce is the subject of an ongoing federal criminal investigation, though he has yet to be charged with a crime.
Earlier today, 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. Both suits were filed in Kent County Circuit Court.
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.
All three suits allege Vorce secured the loans using yachts as collateral that he didn't own or that simply didn't exist.
The suit also names two of Vorce's companies, Barrett Bruce Holdings LLC and West Michigan Yachts LLC.
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.
LaSalle's suit echoes the findings of that investigation.
"The representations made by Vorce and West Michigan were false in that the yachts identified in the security agreements ... did not actually exist and/or Vorce and West Michigan had no right to use the Yachts as security," the suit said.
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.
Ex-boat broker apologizes to banks
Posted by Chronicle News Service October 15, 2007 21:01PM
Categories: Grand Rapids
GRAND RAPIDS -- Deluged with lawsuits demanding millions in repayments, former boat broker Michael Vorce has broken his silence -- and apologized.
Michael Vorce"I want to apologize to the banks, their employees and shareholders involved in this matter," Vorce said in a written statement to The Press this afternoon.
The statement marked his first public statement since he came under investigation last winter amid allegations he had taken out millions in loans on expensive yachts which either did not exist or he did not own.
The former boat broker's business interests included leasing The Wharf Marina, 501 N. Third in Grand Haven, although the lease was terminated because of nonpayment of rent and property taxes, the owner said. The Wharf Marina is privately-owned and is one of several marinas in the Grand Haven area.
Civil suits by at least six banks are expected to demand more than $16 million from the 30-year-old Grand Rapids man.
"I betrayed their trust and confidence as a borrower, and I am sincerely sorry for my actions which led to financial difficulties for the banks," he continued.
"I am grateful to have established a working relationship with the banks to cooperate in securing and liquidating assets towards the repayment of my debts.
"I am deeply sorry for the disappointment and embarrassment I have caused my family. They are extraordinary people who exhibit integrity and moral character on every level, and undeserving of the consequences of my mistakes.
"I remain in Grand Rapids working to fulfill my obligations and to answer for my actions."
Vorce is the subject of an ongoing federal criminal investigation, though he has yet to be charged with a crime.
Earlier today, 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. Both suits were filed in Kent County Circuit Court.
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.
All three suits allege Vorce secured the loans using yachts as collateral that he didn't own or that simply didn't exist.
The suit also names two of Vorce's companies, Barrett Bruce Holdings LLC and West Michigan Yachts LLC.
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.
LaSalle's suit echoes the findings of that investigation.
"The representations made by Vorce and West Michigan were false in that the yachts identified in the security agreements ... did not actually exist and/or Vorce and West Michigan had no right to use the Yachts as security," the suit said.
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.
06-30-2008, 01:03 PM
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06-30-2008, 01:14 PM
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