Tuesday, February 19, 2013

Convicted Swindler Sues CU for Failure to Perform Biz Loan Due Diligence

Convicted swindler Michael Vorce has filed a federal lawsuit against Lake Michigan Credit Union alleging that the lack of oversight by the credit union allowed him to obtain millions in business loans for non-existent boats.

According to Vorce, Lake Michigan Credit Union extended loans based on fake serial numbers that were never verified, resulting in loans for millions of dollars for boats that did not exist. By March 2007, Vorce had obtained fraudulent loans worth $4.7 million.

Vorce claims he filed the lawsuit on the behalf on the members of Lake Michigan Credit Union.

You can't make this up.

Read the story.
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