Arrests Made in Major Bank Fraud and Identity Theft Scheme

Richard K. Ruminski, Special Agent-in-Charge of the Milwaukee Office of the Federal Bureau of Investigation (FBI), announced today the arrests of MICHAEL B. VORCE, age 31 and JAMES C. JETT, age 29. The two suspects were arrested without incident by FBI special agents from the Milwaukee and Chicago Divisions on 8/27/08.

In a criminal complaint, the two suspects are charged with knowingly executing a scheme to defraud a financial institution, in violation of 18 United States Code Section 1344; and knowingly conspiring to defraud a financial institution in violation of 18 United States Code Section 371.

This multi-state bank fraud and identity theft scheme involves at least $2.6 million, and at least four financial institutions. The investigation is continuing as the individuals appear to be part of a larger fraud scheme. The bank fraud and identity theft committed involved the use of stolen personal information from victims and the use of the personal information to obtain high-dollar loans from financial institutions, purportedly to purchase boats. In some instances, the vessels themselves were fictitious.

Because of law enforcement’s focus on mortgage fraud, criminals may now be targeting alternative high-end items such as large boats to facilitate their fraud schemes.

The public is reminded that a criminal complaint is merely a method by which to charge individuals with criminal conduct. The defendants are presumed innocent until proven guilty.

 

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