Mike Vorce West Michigans National Marine

[rschap1]

Wonder if he'll even see jail?

[Ratickle]

Vorce, and an accomplice, James Jett, are accused of lying to banks.

The scheme also involves allegations of identity theft.

Assistant U.S. Attorney Tim VerHey recently added a tax charge against Vorce.

Wonder if he'll even see jail?

My guess, with these charges, he'll get appointed to Obama's cabinet. Fits right in.....

[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.

[BUIZILLA]

failing to file an income tax return after accruing a gross income of $11,311,491.65 for the year 2006."

one year on the failure to file an income tax return.

almost worth doing a year to pocket 11 mil later on...

[MarylandMark]

almost worth doing a year to pocket 11 mil later on...

I was thinking the same thing but the 71 years for the other stuff it took to make that $11M makes me nervous.

[Mrhorsepower1]

That is amazing......... some people just want the easy way out, that got him real far.......didn't it!!?

[boatme]

I worked for this guy for a few months. I could write a book on just my involvement with him. I saw some things coming (not to this extent) and I still have all the bank records from the Marina I was Managing for him (I started taking them home because I was smelling a rat) This clown is getting what he deserves, I feel bad for his parents (Both retired school principals) I drive by their condo complex here almost every day and wonder how they are handling all this

This describes Mike

1) Smooth – absolutely, some of the stuff he did took a lot of balls and he screwed
many companies, as well as his friends, and even his family right up until the very end
very few people had a clue on what a fake he was
2) Smart In a dumb kind of way - He dressed and acted the part of a high roller and
schmoozed a lot of very intelligent people but it left many people saying "something
is just not right here"
3) Dumb in a Smart kind of way - After being caught the first and second times, and
while the feds were building their case against him, Mike stole an identity in another
state and got away with the first identity fraud but got caught after he frauded the
same lending institution a second time. This was the nail that put him away
4) Arrogant - It’s what got him in trouble! He thought he was untouchable and acted that way
5) Immature - At times he acted like a kid, and made decisions based on being a spoiled brat There were times I would call him in to work on some business issues that needed his attention . Mike would show up, get on a lawn tractor, move dirt around for a few hours, and leave without ever addressing the business issues he was supposed to be at the facility to work on. He acted like a little kid on his toy

Mike is much of the reason Saber Marine finally stopped building boats (He got involved and then failed his commitments)

This guy weaseled his way into all kinds of activity with promises and a little bit of cash and a whole lot of flash. He charmed his way into many things but it all caught up with him
Would be great to see this dipstick go away a long time but I fear he will do 10 to 15 total in a white color jail honing his skills for when he gets out. News this morning said he is back in court today.

More updates as they happen

[ChiefApache]

Mike is much of the reason Saber Marine finally stopped building boats (He got involved and then failed his commitments)

I did not know this. Interesting and sad all at the same time.

[boatme]

I did not know this. Interesting and sad all at the same time.

Not all of the reason but a big part

he made dirty everything he touched

[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

[phragle]

awwwwww...he teared up...howtouching...not.

[boatme]

Some repeated info and some new info


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."

[Ratickle]

I don't think he gets sentenced until September sometime.

[boatme]

I posted this along time ago but thought i would post it again

I made this up two years ago or better I plaqued it and it is hanging in my office

The picture issone of Mike Vorce that my wife took at the Boyne City Poker Run I jsut got a bit creative

He is in his (Or the banks) 36 Skater

That is him waving by by to his freedom

[MarylandMark]

Thanks for keeping us up to date Marc!

[boatme]

GR Press this week

[DaveP]

And I am proud to say that Essex Credit and I are the ones who caught him in the act and notified the FBI......................and BINGO BANGO in the can he went!

[sy goldberg]

Does in the can have multiple meanings ?

[TCEd]

Boatme,
By his booking picture the only impression I get of him is he's WORRIED who's sex toy he'll become.
ed

[Comanche3Six]

Does in the can have multiple meanings ?

Only when coupled with Bango!