Michael Vorce, 32 of Michigan, was indicted by a federal grand jury today on 15 counts including bank fraud and using a false identity to obtain $27 million in loans from 10 separate banks. Vorce was arrested in August along with a cohort, James Jett, and is being held in a Milwaukee jail for a separate fraudulent boat loan scheme. Vorce created false ownership titles for boats he did not own or that did not exist which he would then use to obtain the loans. Vorce had been in litigation with the banks he defrauded, but had not been charged criminally until today.Thursday, November 6, 2008
Michigan Boat Broker Indicted In $27 Million Bank Fraud
Michael Vorce, 32 of Michigan, was indicted by a federal grand jury today on 15 counts including bank fraud and using a false identity to obtain $27 million in loans from 10 separate banks. Vorce was arrested in August along with a cohort, James Jett, and is being held in a Milwaukee jail for a separate fraudulent boat loan scheme. Vorce created false ownership titles for boats he did not own or that did not exist which he would then use to obtain the loans. Vorce had been in litigation with the banks he defrauded, but had not been charged criminally until today.
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