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
.@CreditYOUnion captures voices of #100MM loud, proud at @GAUnitedCU See #NewsNow Thursday for more
1 hours ago
Ill. @GovernorQuinn signs patent troll law http://t.co/ugWf8zHpCm via @CrainsChicago
2 hours ago
.@MBAMortgage : Mortgage apps increased 2.8% from one week earlier for week ending Aug. 22.
3 hours ago
Franchise businesses may face higher breach risk with POS systems HT @briankrebs http://t.co/LGE46DUk15
3 hours ago
About 1 in 3 consumers use plastsic for in-person purchases of less than $5, according to @CreditCardsCom survey.
5 hours ago