Scoop: AMERICAN GREED 68 on CNBC - Thursday, February 21, 2013
"American Greed 68 - Shipwrecked":
Michael Vorce claims to have a fleet of more than 50 luxury yachts. He has the papers to prove it. Those papers and a charming pitch are all he needs to con bank loan officers out of tens of millions of dollars in loans. The reason it's a con? Many of his yachts never existed and the papers are fake. He's using bank money to live the life of a 20-something playboy driving fast cars and speedboats. He throws down thousand dollar tips at bars in his hometown of Grand Rapids, Michigan. In one year alone, he spends more than $100,000 in clothes, $300,000 on home furnishings and another $250,000 on cars. But when the bank loans come due, the bankers want to know where are all the boats and where is the money?