Man Faces Up to 30 Years for Loan Fraud Against Credit Unions

A Wrangler, a Ferrari 488 Pista and a Cape Horn Boat

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Pensacola, FL – October 2, 2025 – Law enforcement is just not putting up with loan fraud in Florida. After pleading guilty to lying on loan applications about his income, not only did one man lose those toys, but may end up having lost what is left of much of his life.

A 52-year-old Pensacola resident has entered a guilty plea in federal court to several counts of bank fraud, according to an announcement from the U.S. Attorney’s Office on September 30.

Shawn Steele admitted guilt to three counts of bank fraud, having made false representations to PenAir Credit Union and Central Credit Union of Florida to obtain loans for two vehicles and a boat in 2023.

U.S. Attorney John Heekin commended the investigative efforts of federal law enforcement agencies that uncovered and halted the fraudulent scheme, noting that the prosecution serves as a deterrent to similar offences.

Between January and June 2023, Steele secured loans from PenAir and Central Credit Union for a Jeep Wrangler, Ferrari 488 Pista, and Cape Horn boat by misrepresenting his income on loan applications “for the purpose of influencing the financial institutions.”

Steele faces a maximum sentence of 30 years in federal prison, followed by five years of supervised release. Sentencing is scheduled for December 17, 2025, at 11:00 am, before District Judge M. Casey Rodgers.

U.S. Attorney John P. Heekin said: “I am proud of the excellent investigative work by our federal law enforcement partners that uncovered and stopped this fraudster’s scheme. This successful prosecution should serve as a warning to others who think they can fraudulently enrich themselves by ripping off banks. Doing so will only book you a one-way ticket to prison.”

The case was investigated by the Federal Bureau of Investigation. The case is being prosecuted by Assistant United States Attorney Jeffrey M. Tharp.

U.S. Attorney’s Office, Northern District of Florida

Man Faces Up to 30 Years for Loan Fraud Against Credit Unions – Man Faces Up to 30 Years for Loan Fraud Against Credit Unions – Man Faces Up to 30 Years for Loan Fraud Against Credit Unions

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