SIMI VALLEY : Man Pleads Guilty to Bank Fraud
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A Las Vegas man has pleaded guilty in federal court to charges of bank fraud after pledging a yacht he did not own for collateral at Simi Valley Bank.
Donald F. Ford, 56, was charged with one count of bank fraud after he used the yacht as security to obtain a $137,000 loan renewal in 1991, FBI Special Agent Charlie J. Parsons said.
Ford will be sentenced Jan. 7 and faces up to 30 years in jail and a $1-million fine.
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