A total of over $1.4 million stolen in a bank fraud scheme

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SPRINGFIELD, Mo. — A Springfield, Mo., man was indicted by a federal grand jury today for a bank fraud scheme.

According to the press, Michael B. Willhoit was charged is a 36-count indictment returned by the federal grand jury.

A total of over $1.4 million was given to Willhoit in loans from a variety of banks that he had gotten money from.

The banks that gave Willhoit the loans are Wood and Huston Bank in Springfield, Old Missouri Bank in Springfield, Freedom Bank of Southern Missouri in Cassville, Missouri, OakStar Bank in Springfield, and Bank of Missouri in Springfield.

Willhoit would put in a purchase agreement to a financial institution with someone selling a car. The financial institution would then give Willhoit a lone for the car, but he would spend the money on other things.

The federal indictment charges Willhoit with 12 counts of bank fraud, 12 counts of making false statements to a bank, and 12 counts of aggravated identity theft.

 Additional information about the office of the United States Attorney for the Western District of Missouri, is available here.

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