A North Carolina business owner pleaded not guilty last month to charges alleging he falsified a loan application using a phony boat title to secure a $198,000 loan from a Florida credit union, which later defaulted.
Keith Sanders, 46, of Raleigh, is charged with one felony count of grand theft and one felony count of scheming to defraud a financial institution, according to Taylor County court filings in Perry, Fla.
Agents with the Florida Department of Law Enforcement (FDLE) began investigating the case after receiving information from police about Sanders' loan application at the $162 million Blue Coast Federal Credit Union in Perry.
During the application process, investigators said, Sanders claimed he lived in Panama City and worked in Tallahassee, though his home address is in North Carolina. He also allegedly submitted a fraudulent title for a boat that does not exist, according to FDLE.
After his arrest, Sanders was held in custody before being released on a surety bond.
Sanders is the owner of a repossession and recovery company, according to bankruptcy court filings.
Peter Strozniak can be reached at Peter.Strozniak@arc-network.com.
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