Springfield Man Indicted for $1.4 Million Bank Fraud Scheme
SPRINGFIELD, Mo. – A Springfield, Mo., man was indicted by a federal grand jury today for a more than $1.4 million bank fraud scheme.
Michael B. Willhoit, 66, was charged in a 36-count indictment returned by a federal grand jury in Springfield, Mo.
Willhoit was the owner and operator of Willhoit Enterprises, which purchased luxury, high-end, expensive automobiles to resell to customers throughout the United States. According to today’s indictment, Willhoit received a total of $1,404,000 in a dozen floor plan loans from Wood and Huston Bank in Springfield, Old Missouri Bank in Springfield, Freedom Bank of Southern Missouri in Cassville, Missouri, OakStar Bank in Springfield, and Bank of Missouri in Springfield.
As a part of each floor-plan loan approval process, Willhoit submitted a purchase agreement to a financial institution once he and the seller of an automobile had agreed to the terms and price that Willhoit would pay to purchase the vehicle. Upon receiving the purchase agreement, the financial institution determined whether to grant the floor-plan loan request and transfer the necessary amount of money into Willhoit’s account so he could purchase the vehicle. As a part of his floor-plan loan agreement with the financial institution, Willhoit agreed to a loan repayment schedule. Willhoit specifically agreed to repay each loan in full, plus any accrued interest, once he resold the specific vehicle to a new buyer.
Read more: https://www.justice.gov/usao-wdmo/pr/springfield-man-indicted-14-million-bank-fraud-scheme