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Louisiana man admits to fraud schemes that raked in $29M

November 5, 2019

BATON ROUGE, La. (AP) — A Louisiana man has pleaded guilty to carrying out schemes that defrauded banks and private equity firms of $29 million.

A news release from the U.S. Attorney’s Office of the Middle District of Louisiana says 57-year-old Michael Allen Worley pleaded guilty Monday to bank fraud and wire fraud.

With the guilty plea, Worley has admitted to obtaining $18 million in loans from banks in Baton Rouge and across the country between 2014 and 2018. He also admits to obtaining $11 million from private equity firms in Louisiana and Texas.

U.S. Attorney Brandon Fremin says Worley inflated his assets, understated or omitted his liabilities, misrepresented his income and more to obtain the money.

Worley faces a prison sentence, a fine and a period of supervised release.