Yellow Pages |   News Updates |   Events Calendar |   Movie Times | Recycling
Rocklin & Roseville Today Local Events
HOME

Granite Bay Man Arrested in $6.8 Million Bank Fraud





Roseville, CA -- Michael T. Sahlbach, 60, of Granite Bay, was recently arrested on six counts of bank and wire fraud, United States Attorney Benjamin B. Wagner announced. A federal grand jury returned a sealed indictment; it was unsealed following his arrest.

According to court documents, Sahlbach owned and operated a debt collection business, National Credit Acceptance, Inc., that purchases pools of consumer debts from other companies at a discount, and then attempts to collect on these debts from the consumer. In order to purchase the debt pools, Sahlbach opened a $25 million line of credit with First Bank to help support his business. The credit agreement required that if NCA wanted to buy a debt pool, it would provide 15 percent of the cost of that pool and 85 percent would be financed by First Bank.

According to the indictment, on several occasions from September to December 2008, Sahlbach represented to First Bank that he had contracted with Lender Exchange to purchase debt pools. As a result of those representations, First Bank wired a total of $6.8 million to Lender Exchange. Sahlbach had not told First Bank that he actually controlled Lender Exchange. In fact, in August 2008, he had registered it with the California Secretary of State using the alias M. Hansen and used the address of a parking garage on Capitol Mall. If First Bank had known Sahlbach controlled Lender Exchange, it would not have extended credit.

The indictment alleges that Sahbach did not use the money to purchase debt pools from Lender Exchange, but transferred the funds to other bank accounts he controlled. He used those funds for business expenses and to provide the 15 percent contribution to receive additional funds from First Bank. Shortly after obtaining the final disbursement from First Bank, Sahlbach defaulted on the entire line of credit with First Bank.

Sahlbach is scheduled to make his initial appearance today at 2:00 p.m. before a United States Magistrate Judge.

This case was the product of an investigation by the Federal Bureau of Investigation. Assistant United States Attorney Jared C. Dolan is prosecuting the case.

If convicted, Sahlbach faces a maximum statutory penalty of 30 years in prison and a $1 million fine. Any sentence, however, would be determined at the discretion of the court after consideration of any applicable statutory factors and the Federal Sentencing Guidelines, which take into account a number of variables.

The charges are only allegations; the defendant is presumed innocent until and unless proven guilty beyond a reasonable doubt.





Placer County News Headlines

Placer County Hoteliers: Taxman Cometh Airbnb, Vacation Rentals By Owner, inns or hotels. If you provide lodging in Placer County, you're required to collect Transient Occupancy Tax

Lake Tahoe Bound? Be prepared and patientTAHOE CITY, Calif. -- As Northern California prepares for the second and third storms of a week-long string of weather systems, Placer County is reminding residents and visitors

New California Laws 2017 (Part 15)Roseville, CA - New California laws for 2017. Part 15 includes criminal gangs, property taxes, real estate licenses, terrorist activity, child abuse, voting: felons, human trafficking

Study: Lung Cancer Patients Not Receiving TreatmentA national study by researchers at UC Davis Comprehensive Cancer Center has found that a significant number of lung cancer patients are not receiving treatment.

$21 Million for Regional Small BusinessesThe Capital Region Small Business Development Center (SBDC) has surpassed significant milestones in helping regional businesses

Rocklin Preschoolers Donate to Children in NeedROCKLIN, CA, - Students at Merryhill Preschool in Rocklin collected 69 pairs of pajamas to benefit local children in need for the holidays.

Bust Water Use Myths in Water Spots Video ContestLocal area middle and high school students can win cash prizes and the opportunity to view their video on the Raley Field Jumbotron

Placer SPCA seeks 2017 Hero Awards NominationsRoseville, CA - Placer SPCA is seeking nominations for the 2017 Hero Awards, to be presented at the 16th annual Funny Bones Comedy & Awards Night

Beatles vs. Stones Tribute at Harlows this MarchThe debate between the Beatles and the Rolling Stones has been going on ever since they first crossed paths on the charts 53 years ago

Man Still Recovering from TBITwo years back, I featured Daniel Mignerey who somehow survived life-threatening injuries on February 6, 2015

Rocklin Library hosts Lend A Heart Therapy DogsRocklin, CA- The Doggone Good Reading Group meets the second Tuesday of every month from 3:30 to 4:30 at the Rocklin Library

Placer Vineyards granted Regional General PermitJust west of Roseville, Placer Vineyards was granted its Regional General Permit


NEWS: In Case You Missed It