Alleged Swindler Remains Jailed In $27M Scheme

Published January 30, 2009, 1:11 p.m. EST

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Updated August 27, 2020, 12:50 a.m. EDT

1 Min Read

GRAND RAPIDS, Mich.-Federal prosecutors said CUs and banks have recovered more than $16 million from the alleged fraud to buy phantom yachts but are still seeking to locate as much as $9 million more.

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A federal judge ordered the suspect in the case, Michael Vorce, jailed without bail, which was not challenged by attorneys for the 32-year-old defendant, former owner of West Michigan Yachts.

Vorce pleaded innocent to a 15-count indictment charging him with providing lenders, including Lake Michigan CU and Michigan State University FCU, with phony papers that enabled him to borrow more than $27 million for boats that did not exist. Lake Michigan CU was hit up for $4.7 million and MSU FCU $100,000.

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