'Millionaire' Credit Guru Arrested For ... Credit Fraud
When you're a guy who calls himself "the credit line millionaire," of course you're going to get arrested for alleged credit fraud.
Federal authorities say Christopher Robert Wise, 34, was arrested at LAX this week after he was indicted on suspicion of credit fraud. The suspect had returned from a trip to Puerto Vallarta when he was nabbed. He's known for being a "credit guru" who charges clients for lessons on obtaining credit lines, according to the U.S. Attorney's Office:
According to his website he's the author of The Art of Business and The Power of Mentorship.
(Note to self: Be sure to pitch a book with the working title The Art of Bullshit).
Anywho, Wise not only obtained credit lines with false information, feds allege, but he taught others how to do so as well. According to a statement fro the U.S. Attorney's Office in L.A:
Wise spoke at a seminar where he told those in attendance that he was in the process of obtaining a $1 million line of credit - even though he had bad credit and his business did not qualify for a loan - by leveraging other people's credit.
A federal indictment charges Wise with one count of bank fraud and three counts of making false statements to a financial institution, feds say. Each count carries its own 30-year-max sentence.
In essence, the prosecutors said in a statement released today, the guru allegedly ...
... attempted to obtain business lines of credit for himself through loan applications submitted to the victim banks on behalf of one of his companies. Wise used a co-conspirator as a "credit partner" to pose as a "personal guarantor" for the loans - in essence, using a "straw borrower" to apply for loans in exchange for giving the credit partner a percentage of the loan proceeds.
In one case it worked, federal authorities allege. One loan application gave Wise a $175,000 line of credit, they said. Wise targeted Wells Fargo Bank, Union Bank and City National Bank for the alleged scam, prosecutors said.
He's behind bars in lieu of $150,000 bond. We wonder if he plans cover that bill with plastic.