Michael Willhoit, the owner and operator of Willhoit Enterprises and once owner of the “African Queen” house in Springfield, has been indicted on 36 federal counts related to a $1.4 million bank fraud scheme.
The indictment was handed down by a federal grand jury in Springfield. Willhoit is facing 12 counts of bank fraud, 12 counts of making false statements to a bank, and 12 counts of aggravated identity theft.
The indictment says that Willhoit received over $1.4 million in floor plan loans from Wood and Huston Bank in Springfield, Old Missouri Bank in Springfield, Freedom Bank of Southern Missouri in Cassville, Missouri, OakStar Bank in Springfield, and Bank of Missouri in Springfield.
The loans were supposed to be for the purchase of vehicles that Willhoit would then sell and repay the loans plus interest. Instead, Willhoit is accused of using the money for other purposes between January 1, 2014 and February 28, 2018.
The indictment alleges that all 12 purchase agreements involved in the situation were falsified, faked, or forged.
The case was investigated by the FBI and the Federal Deposit Insurance Corporation, Office of Inspector General.