$27 Million in boat loans

[mwph]

This guy is a ballsy piece of work for sure. He is on "American Greed" tonight. He basically created fake documents for boats that did not exist and borrowed money from several banks to buy the boats. 53 loans in total over 5 years.

The scam was pretty simple really. Pick a state that does not actually title boats (Tennessee in his case), make a fake bill of sale & take it to to a state that does Title boats, (Michigan), they create a title, you take it to the bank. YATZEE!

http://www.mlive.com/news/grand-rapids/index.ssf/2013/02/michael_vorce_on_american_gree.html

Now, from Prison, he is suing one of the banks for loaning him the money in the first place.

OH yeah, The Sea Ray dealership is shown several times during the story.

 

[Kreole Kid]

I saw that Thursday night and had to re-watch it again on Friday night cause I couldn't believe how ballsy this guy really was.

 

[MonacoMike]

Thanks for the heads up, I set the DVR...

MM

 

[wetpaint]

what station? Time?

 

[Kreole Kid]

CNBC, new episode every Thursday 9:00 central time.

 

[mwph]

American Greed. Scams.
One of my favorite shows. Detailed stories of everything from ponzie schemes to serial bank heists to this guy. Not to spoil the ending but this guy, BEFORE his boat scam plan, set up a VOIP company that he just let run itself. Today it's worth $20 million. Once he serves his time, the restitution amount is....... You guessed it $20 million.

 

[Kreole Kid]

Speaking of "Shows", anyone know when the new shipwreck men is coming back on :huh: I think I saw 2 or 3 episodes and all of a sudden, zilch. It comes on The Discovery Channel.

 

[MonacoMike]

OMG!!! This guy is stealing several million from a similar boat scam while being investigated on the original scam.

MM

 

[mwph]

I told you he was ballsy!