Tearful Vorce: 'I'm morally corrupt'

GRAND RAPIDS, Mich. (WOOD) - Michael Vorce grabbed betwen $20 - 50 million through bank fraud. But Thursday, wearing an orange jump suit and standing before a federal judge, Vorce became tearful and said he was morally corrupt.

Vorce created a boat brokerage and scammed banks out of loan money on 22 phantom yachts - boats that didn't exist. After he got caught, he moved to Wisconsin.

Along with another man, the pair scammed another $10 million by stealing identities of real people to get more boat loans.

"This is very serious fraud, its financial fraud, its not just a single bank that got victimized," said Assistant US Attorney Tim Verhey. "It was a very sophisiticated scheme and it took in a lot of banks and it was millions of dollars and lots of loans. So we take that very seriously."

Judge Robert Holmes Bell ordered Vorce to write about what he did, why he did it and how he got off track before he's sentenced in September. Vorce faces more than 70 years in prison, but will likely get less.