The saga surrounding the four-time World Series of Poker Circuit winner George Paul Janssen took another turn last week. The Michigan native reached a plea deal with federal prosecutors.
The 42-year-old businessman and part-time poker player from Bad Axe, Michigan, pleaded guilty to one count of financial institution fraud. Janssen obtained fraudulent loans to help fund his auto sales business.
In November 2023, Janssen was involved in an alleged kidnapping. But some friends now doubt if it was real or if it was staged as part of the fraud scheme.
Bogus Loans
As part of the plea agreement, Janssen won’t face additional charges. However, the one fraud charge carries a punishment of up to 30 years in prison and a $1 million fine. The plea agreement suggests two years of supervised released.
According to Michigan Live, restitution to the victims in the case will be addressed during sentencing.
Investigators say Janssen took out $3.9 million in fraudulent loans through his car dealership, Bay Auto Brokers in Bay City. He used fake documents to apply for loans from 20 different banks using fictitious vehicles as collateral.
He also sought out others to help in the scam.
During the kidnapping incident, family members reported that Janssen was “in trouble in Monroe County south of Dundee.” The county is about 170 miles south of Janssen’s hometown.
A family member told local media that two or three people abducted Janssen and transported him to the Toledo area. There, he was kept against his will for 35 days in a basement. He claims the abductors then drove him to Huron County on Dec. 16.
Later, he resurfaced with his hands zip-tied and a bloody face along a rural road in a nearby township about 10 miles from home. A family friend later found his car with some cash, including a $50 bill located on the floorboard. The incident came after Janssen lost his license to sell cars.
“This was not the first time they found Janssen falsifying business documents, and on October 30, 2023, Janssen lost his license to sell cars in Michigan for a five-year period,” prosecutors wrote in the federal complaint.
Friend Regrets Involvement
Longtime friend Earl McKee told The Independent that Janssen “used their friendship to ask [him] to take out multiple vehicle loans.”
Later, McKee alerted authorities of suspicious transactions.
“There’s been a lot of collateral damage due to what George has done,” he told the newspaper. “I have a family, I have a career. I don’t need his problems, too. This was a shock to everyone.”
McKee also noted that he wasn’t sure if the kidnapping was real or not.
At the poker tables, Janssen has more than $500,000 in live tournament earnings. That includes four WSOP Circuit rings and a Mid-States Poker Tour title (now known as the Major Series of Poker) title from September 2024.
Given his proclivity for live poker, he also probably plays online poker in Michigan as well. He last cashed a live tournament on Aug. 17.
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