DaveP

[YOUTUBE]http://www.youtube.com/watch?v=BhZpRpoYu2E[/YOUTUBE]

30ctsutphen

"I know his heart. I know he wouldn't intentionally hurt me or his family again," she said.



This is the problem and how he got away with all this, within this sentence is one simple word that says it all.

AGAIN!

So shes so stupid that this guy has done something horrible to them before, but she still doesnt beleive he will do it AGAIN!


I see this crap all the time.

This guy will have his assets siezed only 1/3 of it will be recovered.The other 2/3 will go to the right guys to make sure its not a long stay in a bad place and he will be out in no time.
Some idiot will say Oh well he was so smart, maybe he'll use it for good now that he learned his lesson and give him another nice cushy job. All while the good honest people of this country are out breaking thier balls to make a living.

Pathetic

30ctsutphen

heres a good example of what I am talking about.
http://www.indystar.com/apps/pbcs.dl...=2008811110325

Guy steals 600K and gets 16 months.
In the mean time he sold race parts to tons of guys on TTF yelow bullet pontiaczone etc. Most guys on there love this Jerk cause he saved them a few bucks. They only think of themselves.
When he gets out no doubt he'll start a new company selling race parts and do very well since EVERYONE knows him.

Just watch and see. In the mean time there are alot of honest hard working guys trying to make it in the race parts business who will get no where.

Garranteed.

This counrty is all F'd up!

DaveP

WOOO HOOO!!!!!!!!!!!!!!!

Local man accused of defrauding banks in fake yacht scam returns to face federal charges

Posted by tgmiter January 21, 2009 21:06PM

GRAND RAPIDS -- A man suspected of swindling $31.4 million from banks in fake yacht deals is back in West Michigan five months after he and an associate were arrested in Chicago.

Michael Vorce
Michael Vorce, 32, was transported by U.S. Marshals from Milwaukee to Ypsilanti and then into a Grand Rapids federal courtroom today.

Vorce, who remains in custody, is charged with 15 counts of bank and wire fraud, identity theft and money laundering for cash he allegedly illegally obtained between 2002 and 2007.

While under investigation in that case, he and a friend, James Jett, 30, were caught trying to steal the identity of a Milwaukee lawyer and obtain a $391,450 loan in his name, authorities said. Jett and Vorce were detained in Milwaukee since that arrest.

Jett's case remains pending in federal court in Wisconsin, and federal prosecutors there dismissed charges against Vorce so he could face the local allegations.

Authorities in Wisconsin said the pair scammed about $3.5 million from banks and then attempted to launder it by buying and selling gold.

Vorce was described as a flight risk during today's seven-minute court appearance and he did not contest the detention.

LadyDi

The government has recovered $9 million of the $27 million former boat broker Michael Vorce allegedly took by scamming loans from banks, Assistant U.S. Attorney Tim VerHey said today at Vorce's arraignment hearing.

The government is seeking the remaining $16 million.

Vorce, who allegedly obtained loans for boats that did not exist, lived a lavish lifestyle that included expensive vehicles, big-screen televisions and high-end furniture and appliances.
RELATED STORY

Michael Vorce remains jailed after pleading not guilty to bank fraud and other charges

The alleged victims, and initial losses, include:

• Macatawa Bank Corp.: $9.2 million
• Irwin Union Bank and Trust Co. (Irwin Financial Corp.): $8.6 million
• Lake Michigan Credit Union: $4.7 million
• LaSalle Bank (now Bank of America): $2.2 million
• Bank of America: $1.975 million
• National City Bank: $370,000
• Wachovia Bank: $250,000
• Founders Bank & Trust: $292,000
• Independent Bank: $200,135
• Michigan State University Federal Credit Union: $100,000

Vorce faces 10 charges of bank fraud, three charges of money laundering, aggravated identity theft, and wire fraud. Each bank fraud count carries the longest maximum penalty of up to 30 years in prison and $1 million in fines.

mmareno

Your like a regular Magnum PI... Good work!!

boatme

Vorce to enter plea in
court Thursday
Details of plea deal available
Wednesday
Updated: Wednesday, 17 Jun 2009, 5:11 PM EDT
Published : Wednesday, 17 Jun 2009, 5:11 PM EDT

GRAND RAPIDS, Mich. (WOOD) - Details from the plea deal Michael Vorce signed with the feds became available Wednesday. He will appear in court Thursday to enter the plea.

Vorce, 31, of Grand Rapids, signed the agreement June 1 that allows the bank fraud case against him in Wisconsin to be transferred to West Michigan.

He and James Jett were accused of bank fraud in 2008 for a scheme to use false information to obtain bank loans to purchase yachts that didn't exist, and then used the proceeds to buy and sell gold to cover their involvement in the bank fraud.

The 10-page agreement allows Vorce to plead guilty to two counts of bank fraud, one of those cases from Wisconsin. He also agrees to plead guilty to money laundering and to, "...failing to file an income tax return after accruing a gross income of $11,311,491.65 for the year 2006."

Originally, he was charged with 10 counts of bank fraud, three counts of money laundering, aggravated identity theft, wire fraud and failing to file an income tax return.

He used fake names and titles of phantom boats to acquire millions of dollars in fraudulent loans from area banks.

The maximum sentence just for the bank fraud is 30 years in federal prison and a $1 million fine.

Vorce faces two of those sentences. In addition, he faces up to 10 years on the money laundering charge and one year on the failure to file an income tax return. In total, he could serve up to 71 years in federal prison.

As part of the plea agreement, all of the other charges against Vorce will be dropped and he may be eligible for a reduction in his sentence if the court agrees to it at the time of sentencing. All of this is up to the federal judge hearing the case.

Audiofn

His parents must be proud. I hope he gets the book tossed at him.

boatme

Michael Vorce pleads guilty to four charges involving $27 million in bank fraud
by John Tunison | The Grand Rapids Press
Thursday June 18, 2009, 5:53 PM
Michael Vorce
GRAND RAPIDS -- As he pleaded guilty today to four charges involving a $27 million fraud against banks, Michael Vorce began to tear up.

Vorce, 32, described how he continued to fraudulently obtain loans for non-existent boats, this time in Chicago, after West Michigan banks caught onto him last year and seized his credit lines.

"When everything that I had known, the money and things, when that went away, I fell back into the selfish needs to pursue money," he told U.S. District Court Judge Robert Holmes Bell. "At the time I was so morally corrupt, so misguided, trying to maintain the duality of what I thought was important, what I thought was me," he said.

BY THE NUMBERS
17: Number of fraud-related charges Vorce faced

4: Number he admitted to Thursday

$27 million: Amount Vorce bilked from 10 banks

$11.3 million: Vorce's unreported gross income in 2006

2: Biggest victims, Macatawa Bank ($9.2 million) and Irwin Union, ($8.6 million)

71: Maximum years in prison for bank fraud

Source: Federal prosecutors


Vorce could face more than 70 years in prison when sentenced Sept. 18 in what he described himself today as a Ponzi scheme. He duped several banks, including $9.2 million from Macatawa Bank, into giving him yacht loans.

Bell seemed incredulous that some banks last year gave loans without a loan officer ever having a face-to-face meeting with Vorce. Vorce described how he used the Internet to obtain loans, the first one for about $200,000, but later for $700,000 and $800,000.

Vorce said he spoke on the phone with a loan officer, but never met anyone in person.

He told how he and James Jett, an accomplice, were "successful in receiving a large amount of money in a short period of time, probably over three months."

Vorce remains in custody

boatme

Some repeated info some new stuff (interesting)



Michael Vorce pleads guilty, details his $27 million fraud, had 'bankrupt set of priorities'
by John Tunison | The Grand Rapids Press
Thursday June 18, 2009, 11:15 PM
GRAND RAPIDS -- Michael Vorce, accused in one of West Michigan's largest fraud cases ever, teared up Thursday as he talked about carrying on illegal loan schemes even after banks seized and auctioned his property in 2007.


Michael Vorce "I was living according to a bankrupt set of priorities," Vorce told U.S. District Court Judge Robert Holmes Bell in court Thursday, pleading guilty to four fraud-related charges involving $27 million in ill-gotten funds.

"When everything that I had known, the money and things, when that went away, I fell back into the selfish needs to pursue money," he said. "At the time, I was so morally corrupt, so misguided, trying to maintain the duality of what I thought was important, what I thought was me," he said.

For Vorce and federal prosecutors, the financial crime saga that became public in April 2007 and bilked loan funds from multiple banks is nearing an end. Vorce, 32, of Alpine Township, will be sentenced Sept. 18.

Vorce, who has been jailed 10 months since federal authorities arrested him and co-conspirator James Jett in Chicago, pleaded guilty to two counts of bank fraud and one count each of not filing a 2006 tax return and money laundering. He could be sentenced to more than 70 years in prison.

Several members of Vorce's family were in court Thursday, but declined comment after the hearing.

For the first time in his own words, Vorce explained how he ran a Ponzi scheme, securing loans for at least 30 expensive boats with fraudulent documents and titles but only really owning four boats.

He used Adobe Photoshop, Microsoft Word and tax software programs to create fake documents, some detailing the value of boats, as part of his West Michigan Yachts company, which supposedly specialized in buying distressed boats at wholesale and reselling them at a retail price.

"There was a significant amount of work that went into creating the information and perpetuating this," Vorce told the judge.

Vorce described how he fooled loan officers into believing he was a "credit worthy" borrower and he gained their trust, eventually getting a $4.5 million line of credit from one bank. As part of the Ponzi, he periodically paid money on older loans to keep up the scheme.

He admitted to never refurbishing any boats, but having the four boats on hand in case bank officials wanted to see them.

Vorce didn't file income tax returns after 2002 out of fear of jeopardizing the scheme, which involved creating fake returns to file with banks to get loans.

When federal authorities began investigating Vorce in early 2007, the banks seized his assets, including five plasma televisions, leather home theater chairs and two loaded sport-utility vehicles. Federal documents later alleged he used loan money to buy his Alpine Township mansion, a Miami condo and an exotic Aston Martin Vanquish.

Vorce, however, continued his fraudulent ways on the Internet to obtain further loans as he disappeared from police. He admitted to using public wireless connections in West Michigan, including at Panera Bread, to apply for loans while he and Jett set up a "virtual" office in Chicago to receive documents.

Bell seemed incredulous that some banks last year issued loans without a loan officer ever having a face-to-face meeting with Vorce. Vorce described how he used the Internet to first get a $200,000 loan, followed by larger loans for $700,000 and $800,000.

BY THE NUMBERS
17: Number of fraud-related charges Michael Vorce faced
4: Number he admitted to Thursday
$27 million: Amount Vorce bilked from 10 banks
$11.3 million: Vorce's unreported gross income in 2006
2: Biggest victims, Macatawa Bank ($9.2 million) and Irwin Union, ($8.6 million)
70: Maximum years in prison for bank fraud
Source: Federal prosecutors

Vorce said he spoke on the phone with a loan officer, but never met anyone in person.

He told how he and Jett were "successful in receiving a large amount of money in a short period of time, probably over three months" before federal authorities caught them picking up loan documents from a courier service in Chicago.

U.S. Assistant Attorney Tim VerHey described Thursday's plea as satisfying.

"It's very satisfying when you hear someone essentially say 'You caught me,'" he said.

While he declined comment on whether banks should have done a better job screening loans, he called Vorce's fraud "a pretty sophisticated scheme he threw at these banks. I think he would have pulled it off regardless."