You know the old saying that if something seems too good to be true it probably is? That definitely holds true in the case of Michael Prozer III, the millionaire scam artist.
The alleged “mega-millionaire” who appeared on the Bravo’s The Millionaire Matchmaker has now been exposed as a Tampa, Florida-based scam artist after federal prosecutors labeled him as a fraudster.
Prozer pled guilty in court this week.
The supposed millionaire, who appeared on season two of the hit reality series that matches wealthy singles with potential spouses, pled guilty to conspiracy to commit mail, wire, and bank fraud on Tuesday, according to a statement from U.S. Attorney Robert E. O’Neill.
On the surface, it looked like Prozer had it all. He said he owned a mansion, a private jet, and had enough money to buy love.
Prozer, a father of two young boys, told TV viewers he was the millionaire CEO of Xchangeagent Inc., an online payment service for South Americans. His lies completely blew up in his face on Tuesday when he pled guilty to charges relating to a scheme to defraud Park Avenue Bank in Valdosta, Georgia.
Xchangeagent Inc. reportedly recruited a financial specialist to assist in a scheme to defraud the bank by applying for and obtaining a short-term business loan secured by collateral that didn’t exist.
“[Prozer] was able to bribe [the financial specialist] to demonstrate he had millions of dollars deposited in the bank,” Criminal Defense Attorney Dana Cole told ABC News. “That’s what makes him convincing, is that he can tell the world, ‘Hey you know the bank says I’m a multi-millionaire, so I must be.’”
The pair created fake bank statements and documents in order to convince loan officers at Park Avenue Bank that Prozer had $21 million on deposit at a bank in the state of Maryland. The fraud scheme cost the Georgia bank approximately $3 million.
It’s been three years since the millionaire scam artist appeared on The Millionaire Matchmaker, and now he’s behind bars facing a possible lengthy prison term.
“Like many con men, the lie eventually unravels,” Cole said. “People realize there’s nothing there at the end of the day. And that’s how you get found out, the money doesn’t materialize, so lawsuits then turn into criminal investigations and those then turn into indictments.”
The guilty plea stunned those in the courtroom, as they had been expecting a trial to begin. A jury had even already been chosen.
“I think he figured that the government had the goods on him, his frauds had been exposed,” Cole said, “and it was time to cut his losses and enter an early guilty plea.”
More in the video below.
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