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It all sounded like a story from a Coen brothers’ film. A four-time World Series of Poker champ and car dealer kidnapped by the cartel escapes and is found zip tied and bloodied by the side of the road. In his wake was $3.2M in allegedly cartel extorted loan fraud. Charged by the FBI in February, he has now pleaded guilty to loan fraud.
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The Original Complaint
Back on February 26th, 2025, the FBI filed charges in a Michigan Federal Court accusing 42-year-old George Paul Janssen, Jr., a four-time World Series of Poker champ, and Michigan car dealer of scamming at least 20 financial institutions, with losses totaling $3,289,834 between 2016 and October 2023.
The Michigan native with a record of over $440,000 in poker winnings, allegedly disappeared on November 13, 2023. This was coincidentally two weeks after state authorities revoked his dealership license for falsifying records.
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The Alleged Kidnapping
During his absence, a family friend discovered his abandoned car. The floor was littered with $50 bills. Relatives also received a cryptic handwritten letter containing seemingly random names: Kirby, Iggy, Daisey, Noah, Anthony, and Parker. (KIDNAP)
Then, on December 16, 2023, 33 days after his disappearance, a motorist in rural Bad Axe was flagged down at about 12:30 am by a man on the side of the road, bloodied and hands zip tied, it was Janssen.
Describing his allegedly harrowing ordeal, Janssen claimed he was abducted by a masked man as he was leaving a Detroit poker tournament. He then claimed that he was then driven by two or three people to the Toledo area, where he was held captive in the basement of a home.
Then allegedly driven back to Huron County on December 16th, he was supposed to recover some money that was hidden to give to his extorting cartel kidnappers.
He claimed to family that he had paid this criminal organization approximately $2 million over two years, leaving $25,000 in various drop locations given to him by text messages on a cartel provided phone.
Huron County Sheriff Kelly Hanson then said that there were “a lot of things that need to be looked into.” Arrested on Wednesday February 26th, Janssen faced charges in Bay City, Michigan, federal court, with no attorney listed at the time.
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The Credit Unions Impacted
Central to the case is a massive hit to a Michigan credit union that occurred a week before Janssens disappearance. On November 8, 2023, just days before his disappearance, the COO of COPOCO Credit Union of Michigan contacted the FBI to report a possible fraud. Janssen allegedly deposited $1.4 million in checks into his Bay Auto Brokers account and the funds were credited immediately, allowing him to write $1.3 million in checks.
But soon after, the checks bounced due to insufficient funds, leaving the institution reeling. Five days later, Janssen vanished. Describing his last contact with him before the disappearance, a friend stated to detectives that he’d sounded “broken.”
The credit union losses underscore a broader pattern of deceit. Throughout October and early November 2023, Janssen withdrew nearly $75,000 from ATMs and wrote himself over $44,000 in checks from his shuttered dealership.
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Phantom Auto Loan Fraud
The FBI’s original complaint hinted that these moves masked his financial unraveling, tied to an earlier August 2023 state audit that exposed “discrepancies in his sales and inventory” after a suspicious car loan complaint. Investigators found he’d reused “the same fictitious vehicles in multiple loan applications,” leading to his license revocation on October 30.
While still missing, Janssen’s web ensnared others. The FBI uncovered $3.9 million in unpaid loans linked to his associates, and friends like Earl McKee approached agents “to clear their names and express concern they had been defrauded.”
McKee, was allegedly paid $600 per vehicle loan by Janssen. “There’s been a lot of collateral damage due to what George has done,” adding, “If there was one guy I thought was doing everything the right way, it was George.”
Janssen’s son, Connor, admitted to the FBI he knew his father was “robbing Peter to pay Paul,” crafting fake loan documents, possibly using Microsoft Word, and juggling funds between banks.
The issue of his alleged abduction has not been debunked but did leave an unflattering picture of a man cornered by his own schemes, leaving banks, a credit union, and those closest to him to reckon with the fallout of his audacious collapse.
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The Plea Deal
On August 19th, George Paul Janssen Jr. pleaded guilty to a single count of financial institution fraud before United States Magistrate Judge Patricia T. Morris in United States District Court in Bay City. In exchange for his plea, prosecutors agreed not to file further charges, according to court documents.
Financial institution fraud is punishable by up to 30 years in federal prison and/or fines up to $1 million.
Source: Huron Daily Tribune
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Related:
A Poker Champ, a Car Dealer, the Cartel and $3.2M in Credit Union Fraud
Ex Poker Champ, Ex Car Dealer, and Alleged Cartel Kidnap Victim Pleads Guilty to $3.2M in Credit Union Fraud – Ex Poker Champ, Ex Car Dealer, and Alleged Cartel Kidnap Victim Pleads Guilty to $3.2M in Credit Union Fraud – Ex Poker Champ, Ex Car Dealer, and Alleged Cartel Kidnap Victim Pleads Guilty to $3.2M in Credit Union Fraud
Ex Poker Champ, Ex Car Dealer, and Alleged Cartel Kidnap Victim Pleads Guilty to $3.2M in Credit Union Fraud – Police – Police – Arrest – Arrest – Credit Union Collections – Credit Union Collectors – Lending – Fraud
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