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Granite Bay Man Charged with Bank and Wire Fraud

 
Posted Friday, May 2nd 2014 @ 11am  by KFBK News

A Granite Bay man is in custody on bank and wire fraud charges.  

Michael Sahlbach, 60, owned a debt collection business, National Credit Acceptance, Inc.  

Investigators say he fraudulently obtained nearly $7 million from a bank that thought he was using the money to buy consumer debts. 

Instead, they say, he pushed the money into various accounts and then defaulted on the loan.

If convicted, Sahlback faces 30 years in prison and a $ 1 million fine.

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