FBI suggests yacht loan fraud may increase

MILWAUKEE, Wis. – A recent case of suspected yacht loan fraud in Wisconsin may be the first of more such incidences, suggested an article today on JSOnline.com.

After arresting two men on Wednesday who purportedly tried to steal a Milwaukee lawyer’s financial information to buy a $549,000 yacht, the Federal Bureau of Investigation told the newspaper that criminals may be increasingly pursuing loan fraud of such high-end items because of law enforcement’s recent crackdown on mortgage fraud.

Michael B. Vorce, 31, of Grand Rapids, Mich., and James C. Jett, 29, of Byron Center, Mich., have been charged with bank fraud involving at least $2.6 million, the newspaper reported. Vorce is accused of trying to obtain a $391,450 loan to buy a 48-foot Sea Ray yacht using the financial information of Michael Berzowski, a partner in the law firm of Weiss, Berzowski, Brady LLP, the newspaper explained.

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