Man Sentenced For $3.6 Million Credit Card Fraud
A Californian named Andrew Michael (not pictured at left) was sentenced to four years in federal prison last week for scamming Citibank and credit card companies by fraudulently applying for an $8.5 million commercial line of credit—some $2 million of which he spent on personal goods for himself, including "170 troy ounces of silver, 479 tubes of gold flakes, [and] a Rolex watch."
Michael is quite an imaginary businessman in other fields as well:
During the time the fraud occurred, Michael was on probation after being convicted of practicing medicine without a license in 2005. He operated the Henderson medical facility, where he oversaw medical procedures and offered advice, according to court records.So where did the remaining $1.6 million go? His wife and mother were also issued corporate Diners Club cards on the line of credit; his mother plea-bargained for an 18 month sentence and his wife will be sentenced this Wednesday.
"Man sentenced to 4 years in credit scam" [San Diego Union-Tribune]
(Photo: Getty)
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nam malesuada commodo erat et molestie. Duis pellentesque aliquam bibendum. Suspendisse venenatis lobortis eleifend. Mauris id est sed lectus convallis aliquam.
Post a comment
Comments:
Man, how does someone accomplish something like that?
That seems like a light sentence. I mean, that's a hell of a lot of money.
casey serin had 2.2 million in debt.
He just lied.
This guy probably just knew to tell the right lies at the right times. Still wasn't smart enough to pack up and head out after he had the credit converted to assets.
@IcarusRisen: Apply for tons of personal credit.
Build credit history.
Apply for tons of business credit with a personal guarantee (that you'll be personally liable for business cc debt).
Build business credit history.
Apply for tons more of business credit and report fake business income numbers to justify high credit lines. Why would you lie? You have the credit history to back you up!
Spend spend spend.
My goodness.. American banks will give credit foolishly to anyone.... no wonder this happened.
@starrion,
He probably only speaks American. So he wouldn't have made it anywhere else! lol
@starrion: I was wondering how long it would take for someone to mention everyone's favorite kangatard.
Hooray!
Andrew Michael, so you got a lot of money. You'll have gladly given it all back if by the time you get out of jail your farts make noise again
Why is he buying silver when its near the top (Hunt brothers market cornering not included). No wonder he got caught.
he should have left the freaking country. really, if you're going to commit a crime on that scale, just MOVE.
Wait, I didn't read the article but I though America did away with debter's prisions.
When you're $10,000 in debt, it's your problem. When you're $3.6 million in debt, it's Citibank's.
@NoNamesLeft: Fraud is still a crime.
Wait, I should have stopped reading your comment after "I didn't read the article..."
@NoNamesLeft: He isn't going to jail for 'debt', he's going to jail for the fraud (lying) that helped him acquire the debt. Big difference.
He must have thought he was smart getting through the financial reviews required for such lines. Nobody ever is smart enough to quit while they're ahead, are they?
Only 4 years for stealing $3,600,000?! You'd get more than that for stealing a $3,600 car. :(
I like how you mention it's not the guy on the left. So that if people ever see that guy they yell at him what a fraud he is.
This guy defrauded and got caught, big time. I wonder who's paying back that money though.
4 years? I have a better sentence for him.
Sentence him to pay back $3.6 million at 15% interest to Citibank,make it exempt from bankruptcy,and if he goes into default, all his assets are seized, and THEN he goes to jail.
Just dont ask where I got the inspiration for that little torture ( cough cough sallie mae).
Crimes with a pen are always more profitable and earn less sentence than crimes with a gun...
Amazing how people can put so much effort into being evil/moronic bastards. You would think they would use their savvy to create a real business that wont land you in PMITA prison.
4 years? Does he still have to pay it back?