wmlro.com: Vorce pleads guilty

Two years after his arrest, Vorce pleaded not guilty to 15 counts of fraudulently obtaining loans. Prosecutors say it was a Ponzi scheme with a difference: he borrowed money from a succession of banks, each loan intended to fund an unsustainable lifestyle and to pay existing loans.

Federal prosecutors published list of his alleged victims:

• Macatawa Bank Corp.: USS9.2 million
• Irwin Union Bank and Trust Co. (Irwin Financial Corp.): USD8.6 million
• Lake Michigan Credit Union: USD4.7 million
• LaSalle Bank (now Bank of America): USD2.2 million
• Bank of America: USD1.975 million
• National City Bank: USSD370,000
• Founders Bank & Trust: USD292,000
• Wachovia Bank: USD250,000
• Independent Bank: USD200,135
• Michigan State University Federal Credit Union: USD100,000

Like a gambler who can't let go of the number 4, Vorce allegedly tried to perform the same trick in Wisconsin in August last year - using the false identity of a Milwaukee lawyer in an attempt to get a bank loan of just under USD400,000. Milwaukee decided to keep him on remand but had to drop the charges so he could be taken to Grand Rapids to face the charges there. But they have since been revived.

In Grand Rapids, the charge sheet appeared short for the number of alleged scams: 10 charges of bank fraud, three charges of money laundering, one count of wire fraud and one of aggravated identity theft ( whatever that is).

On 1 June, prosecutors announced that Vorce had agreed to the charges in both states being aggregated, along with an additional charge relating to tax offences added in the meantime. It was also announced that a plea bargain had been negotiated, subject to Court approvel.

Vorce is scheduled to appear in Court later today, in Grand Rapids, when details of the deal will be made public and a guilty plea formally entered.

With up to 30 years jail on each of the bank fraud cases plus additional sentences for wire fraud, money laundering, tax offences and that dubious "aggravated identity theft" charge, he could be looking at around 400 years in jail. But that's not likely.

Look for a deal to repay more money (some USD9 million already having been handed back) and the surrender of property and other assets, a fine of around USD1.5 million, only one or two bank fraud cases, plus one money laundering and one tax charge to stand and a total penalty of jail time of six years with probation / early release set for after three years.

Expect him to keep at least one property and some cash despite the fact that he's never had a job.