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Shawn Steele, 52, of Pensacola, Fla. is expected to be sentenced in February for making false statements on three credit union loan applications to fraudulently obtain nearly $650,000 to purchase a Jeep Wrangler, a Cape Horn boat and a Ferrari 488 Pista, a luxury racecar for the street.
He pleaded guilty in federal court to three counts of bank fraud last month, according to the U.S. Attorney’s Office in Pensacola.
On June 30, 2023, Steele obtained a $250,000 loan from the $293 million Loyalty Credit Union in Pensacola (previously Central Credit Union of Florida) to buy the Ferrari. Prosecutors said his loan application falsely claimed he earned more than $34,000 a month from his construction business.
Interestingly enough, prosecutors noted in court documents that Steele’s father originally purchased the same Ferrari in 2021 for $425,000 from a San Diego-based dealership. Later that year, he sold the vehicle to a Texas dealership and used the funds to pay off a Ferrari Financial Services loan.
Also on June 30, 2023, the same day Steele obtained the Ferrari loan, the $2.5 billion Pen Air Credit Union in Pensacola approved a $299,243 loan for him to buy a Cape Horn boat, reportedly known for its unsinkable construction. Prosecutors said that loan application included the same false income information.
Steele’s loan scheme began in March 2023 when he signed an auto loan application at Pen Air CU for the $98,120 Jeep Wrangler that he initially financed through Chrysler Capital in January.
His credit union application included the same false information.
The Pen Air loan paid off the Chrysler Capital loan, federal prosecutors said.
Court documents do not mention whether Steele made any loan payments or what happened to the funds from the Ferrari and boat loans.
Peter Strozniak can be reached at pstrozniak@cutimes.com
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