GRAND RAPIDS, Mich. — Michael Vorce, who was accused of obtaining millions in loans for boats that didn’t exist, has admitted to multiple criminal violations, including defrauding $9.2 million from Macatawa Bank, according to a report from the Holland Sentinel.
Vorce, 32, pled guilty to bank fraud, money laundering and income tax offenses before U.S. District Court, the paper reports. He said his fraud of Macatawa and other financial institutions led to losses in excess of $20 million, and he admitted that after obtaining money, he spent more than $20,000 during a single visit to a men’s clothing store as part of a “lavish lifestyle.”
Vorce also pled guilty to a federal bank fraud charge that was filed after his original indictment on 15 counts, admitted to failing to file an income tax return during 2006 and agreed to have a $16 million judgment entered, representing proceeds obtained directly or indirectly through the offenses.
Sentencing is set for Sept. 18. The Sentinel reports that Vorce faces a maximum penalty of 30 years in prison and a $1 million fine for each of the two bank fraud counts, a 10-year prison term and fine of $250,000 for the money laundering and a year in prison and penalties for the income tax offense.
To read the full Holland Sentinel report, click here.