Self-described ‘credit guru’ sentenced to prison for Southland fraud scheme
LOS ANGELES (CNS) – A man who billed himself as “The Credit Line Millionaire” was sentenced today in Los Angeles to nearly two years in federal prison for conspiring to obtain lines of credit worth hundreds of thousands of dollars through a host of misrepresentations and falsified documents.
Christopher Robert Wise, 35, pleaded guilty in October to one count of bank fraud conspiracy. He had also been indicted on three counts of making false statements to a financial institution.
Along with the 21-month prison term, Wise was ordered by U.S. District Judge John A. Kronstadt to pay about $130,000 in restitution and complete five years of supervised release.
Wise maintained a significant online presence, including running a website titled “Credit Line Millionaire.”
Billing himself as a credit guru who could help clients obtain loans for their businesses, the Denver resident referred customers to co-conspirators who controlled Inland Empire companies and promised to help acquire financing, according to federal prosecutors.
Wise also attempted to obtain business lines of credit for himself through loan applications submitted to the victim banks on behalf of one of his companies, prosecutors said.
Wise used a co-conspirator as a “credit partner” to pose as a “personal guarantor” for the loans — in essence, using a “straw borrower” to apply for loans in exchange for giving the credit partner a percentage of the loan proceeds, court papers show.
Wise spoke at a seminar where he told those in attendance that he was in the process of obtaining a $1 million line of credit — even though he had bad credit and his business did not qualify for a loan — by leveraging other people’s credit, according to the indictment.