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.

Now on FB, thanks for the love!




Placer County News Headlines

Roseville & Rocklin: Top 10 Free Things To DoRoseville, CA- Having a great time can get expensive. It doesn't always have to be. If you're looking to cut back or have a growing family, it's time to get a little creative

Former NFL QB Jeff Kemp to Speak at Catta VerderaFormer NFL quarterback Jeff Kemp will be guest speaker Thursday, Sept. 8 at Catta Verdera Country Club in Lincoln.

California Fires Update Summary (8.27.16)Over 12,300 firefighters are battling 10 large wildfires in California. Despite mild temperatures yesterday, dry and gusty conditions

Music: 10 Great Albums Worth a ListenRoseville, CA- Music tastes are as subjective as it gets, but few things are as fun as music opinions.

California's Return-to-Prison Rate FallsThe rate at which people return to prison has consistently trended downward since fiscal year 2005-2006 when the rate was 67.5 percent.

Rocklin Flash Crime Report (8.26.16)Rocklin, CA- Police activity digest update in Rocklin for the period covering August 15- 21, 2016.

Food Truck Cinema Sept. 16 at Woodcreek Golf ClubRoseville, CA- Woodcreek Golf Club in Roseville will host its inaugural Food Truck Cinema on Friday, Sept. 16 at its driving range.

Sutter Roseville Medical Center Foundation Benefit Golf TournamentRoseville, Calif. - On Sept. 9, Sutter Roseville Medical Center Foundation will host its 30th Annual Benefit Golf Tournament and Dinner

Hope for Less Invasive Tests for Bacterial Infections in Babies(SACRAMENTO, Calif.) - Physicians from Children's Hospital of Michigan, UC Davis Medical Center and Nationwide Children's Hospital, in collaboration with 19 other pediatric emergency departments

Legislature Votes to Extend Emergency Tax ReliefSacramento - Legislation sponsored by Board of Equalization Member George Runner and fellow BOE members cleared the Legislature yesterday when the State Assembly

WJU School Year Begins Amidst Continued GrowthROCKLIN, Calif. - William Jessup University began its 2016-17 academic year August 22 with the largest enrollment in the university's 77-year history.

Molly Ringwald at Rocklin's Quarry Park September 17thRocklin, Calif. - Golden Globe nominated actress and jazz musician Molly Ringwald descends into Rocklin's Quarry Park Amphitheater on Saturday, September 17


NEWS: In Case You Missed It