Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
Boat broker pleads not guilty to swindling CUs
GRAND RAPIDS, Mich. (1/29/09)--A former boat broker accused of defrauding banks and credit unions in Michigan of $27 million pleaded not guilty Tuesday in a U.S. District Court in Grand Rapids, Mich. Michael Vorce, former owner of Michigan West Yachts, is charged with a 15-count indictment related to convincing two credit unions and eight banks to loan him millions for boats that didn't exist in a "Ponzi" scheme (Grand Rapids Press Jan. 28). Among the 10 institutions defrauded are Lake Michigan CU, which lost $4.7 million, and Michigan State University FCU, which lost $4.7 million. Other institutions lost from $200,135 to $9.2 million. The bank fraud charges each carries a maximum sentence of 30 years in prison and $1 million in fines. Vorce also is charged with three counts of money laundering, one count of wire fraud, and one count of aggravated identity theft. About $9 million of the stolen funds has been recovered.


RSS print
News Now LiveWire
.@RepDennyHeck to @NWCUA Amplify conference audience: "More often than not, CUs are part of the solution"
11 hours ago
LA Laker and NBA Legend Earvin "Magic" Johnson was the keynote speaker Tuesday @CCULReach, hosted by the Cal/Nev #CreditUnion Leagues
12 hours ago
.@growfinancial's #salsa sensation spices up seed giveaway #NewsNow http://t.co/rKmWVwwzot
12 hours ago
.@TheNCUA Office of Small CU Initiatives soon--maybe Nov.--will launch website for #CUs 2 research #creditunion vendors or service providers
13 hours ago
.@TheNCUA says late 2Q Call Report filers 2 pay total of $17,111 in penalties.Individual penalty range is $52 to $1,824;median is $256. 2of2
13 hours ago