In May, 2014, the owner of National Credit Acceptance, Inc., 60 year old Michael Sahlbach, was arrested and held on charges of defrauding First Bank out of 6.8 million dollars. According to court documents, Sahlbach allegedly applied for a 6.8 million dollar loan which he claimed his company, NCA, was going to use to purchase debt pools at discounted rates. NCA would then collect on those outstanding debts with its collections agents.
The debt pools were to be purchased by NCA from another company, Lender Exchange. However, Sahlbach never disclosed to the bank the fact that he also controlled Lender Exchange, and the physical location of Lender Exchange turned out to be a parking garage in Sacramento. After obtaining the 6.
8 million dollar loan, Sahlbach allegedly did not use the money to purchase debts, instead he used it to pay of various business expenses and thereafter defaulted on the loan.
Sahlbach is currently awaiting trial and was out on bail and subject to electronic surveillance to prevent him from fleeing the jurisdiction. If convicted, he faces 30 years in federal prison and a one million dollar fine.
This information taken from KCRA news website (just google Michael Sahlbach and several reports will pop up)
National Credit Acceptance Reviews
In May, 2014, the owner of National Credit Acceptance, Inc., 60 year old Michael Sahlbach, was arrested and held on charges of defrauding First Bank out of 6.8 million dollars. According to court documents, Sahlbach allegedly applied for a 6.8 million dollar loan which he claimed his company, NCA, was going to use to purchase debt pools at discounted rates. NCA would then collect on those outstanding debts with its collections agents.
The debt pools were to be purchased by NCA from another company, Lender Exchange. However, Sahlbach never disclosed to the bank the fact that he also controlled Lender Exchange, and the physical location of Lender Exchange turned out to be a parking garage in Sacramento. After obtaining the 6.
8 million dollar loan, Sahlbach allegedly did not use the money to purchase debts, instead he used it to pay of various business expenses and thereafter defaulted on the loan.
Sahlbach is currently awaiting trial and was out on bail and subject to electronic surveillance to prevent him from fleeing the jurisdiction. If convicted, he faces 30 years in federal prison and a one million dollar fine.
This information taken from KCRA news website (just google Michael Sahlbach and several reports will pop up)