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Date: 10-15-2020
Case Style:
Case Number: 3:19-cr-00136-JWD-EWD
Judge: John W. deGravelles
Court: United States District Court for the Middle District of Louisiana (East Baton Rouge Parish)
Plaintiff's Attorney: United States District Attorney’s Office, Baton Rouge, Louisiana
Defendant's Attorney:
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Description: Baton Rouge, Louisiana bank and wire fraud charged criminal defense lawyer represented Michael Allen Worley.
The United States of America charged Michael Allen Worley, age 60, of Baton Rouge, Louisiana, with bank fraud and wire fraud.
According to admissions made as part of his guilty plea, Worley executed schemes to defraud both banks and private equity firms by submitting multiple false and fraudulent loan applications on behalf of himself and businesses he owned, operated, or controlled. Between 2014 and 2018, Worley obtained more than $27 million in new loans from federally-insured banks in Baton Rouge and around the country through materially false and fraudulent statements and representations. Through a similar scheme, Worley obtained at least an additional $13 million from private equity firms in Louisiana and Texas, also through materially false and fraudulent statements and representations. During the course of his bank and wire fraud schemes, Worley inflated his assets, understated and omitted his liabilities, misrepresented his income, and often misrepresented other things, including the intended use(s) of millions in loan proceeds. In some instances, Worley and his businesses defaulted on the loans, causing the financial institutions and private equity funds to suffer financial losses of over $15 million. Worley filed for Chapter 11 bankruptcy in January 2018.
U.S. Attorney Brandon J. Fremin stated, “Mr. Worley defrauded banks and other lenders for his own personal benefit and is held accountable by today’s sentence. We will continue to vigorously prosecute those who participate in these types of schemes and, more importantly, restore justice to the victims to the best of our ability. I would like to recognize the efforts of our prosecutor and the FBI for their exemplary work in this case.”
“Today’s sentencing sends a clear message that individuals who engage in fraudulent schemes that impact the security of financial institutions will be held accountable. In addition to this sentencing Mr. Worley will be responsible for restitution in excess of $15,500,000. This should be a deterrent to others who would attempt to manipulate the nation’s banking system,” said Bryan Vorndran, FBI New Orleans Special Agent in Charge.
This matter was investigated by the Baton Rouge Resident Agency of the Federal Bureau of Investigation and was prosecuted by Assistant United States Attorney Peter J. Smyczek.
BANK FRAUD
(1)
FRAUD BY WIRE, RADIO, OR TELEVISION
(2)
Outcome: Defendant was sentenced to to 144 months in federal prison following his convictions for bank fraud and wire fraud. The Court further sentenced Worley to serve 3 years of supervised release following his term of imprisonment. Worley was also ordered to pay $15,751,905.26 to his various victims.
Plaintiff's Experts:
Defendant's Experts:
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