Michael Vorce...he is at it again!!!!!!!!
06-18-2009 | 06:18 PM
#101
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Joined: Jan 2001
Posts: 4,025
Likes: 4
From: Spring Lake, Michigan
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
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
06-19-2009 | 05:01 AM
#102
Registered
Joined: Jan 2001
Posts: 4,025
Likes: 4
From: Spring Lake, Michigan
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."
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."
06-19-2009 | 10:50 AM
#107
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Joined: Sep 2003
Posts: 9,214
Likes: 5
When is this smart ass going to prison? I don't know him, but I'm sick of reading about his escapades. He is no damn good and will never change. Lock him up permanently. I hate to compare the USA with China, but they would of shot him and been done with it. It's guy's like him that screw the whole economy up.
