That’s what Michael Berzowski, a Milwaukee lawyer, asked FBI agents after they called inquiring about a suspicious boat loan request. Needless to say Berzowski was a little surprised to hear the news that his financial records had been used to apply for yacht loan as part of a $2.6 million fraud scheme.

Early Wednesday in Chicago the FBI arrested Michael B. Vorce, 31, of Grand Rapids, Mich., and James C. Jett, 29, of Byron Center, Mich., on charges of bank fraud. The duo were caught applying for a $391,450 loan on a 48-foot Sea Ray yacht using Berzowski financial records.

The FBI warns that because of law enforcement’s recent crackdown on mortgage fraud, criminals now may be targeting high end yachts to facilitate loan fraud schemes.

Tags: bank fraud, boating industry, yacht loans

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