The plea stems from charges he defrauded credit unions across the Midwest
Four-time World Series of Poker Circuit ring winner George Janssen has agreed to plead guilty in a federal financial fraud case, according to recent court filings. The Michigan poker player is set to appear for a plea hearing on August 19 after multiple scheduling delays.
Janssen faces one felony count of financial institution fraud. Prosecutors allege he participated in a scheme that defrauded nearly two dozen Midwestern credit unions over several years. The charges claim that between June 2016 and October 2023, Janssen and others used false information to secure millions of dollars through auto loan applications.
According to the Department of Justice, Janssen allegedly convinced friends and associates to take out multiple vehicle loans under fraudulent pretenses, with the proceeds benefiting his now-defunct used car dealership, Bay Auto Brokers. The case drew added attention in late 2023 when Janssen was reported missing for weeks before being found injured on a rural road, claiming he had been kidnapped and extorted for more than two years.
Investigators say one major incident occurred in November 2023 when Janssen deposited about $1.4 million in bad checks to COPOCO Credit Union, while simultaneously receiving $1.3 million in valid checks from the same institution. Michigan regulators had already revoked his car dealer license a month earlier for falsifying business records. Several individuals later approached law enforcement to say they had been unknowingly caught up in the alleged loan scam.
Janssen signed a consent to plead guilty on July 18, which will allow US District Judge Thomas L. Ludington to decide whether to accept the agreement, enter a conviction, and impose sentencing.
While his legal troubles mount, Janssen’s poker résumé includes four WSOP Circuit titles and career earnings exceeding $450,000. His biggest payday came in September 2023 with an $82,823 finish at the MSPT Venetian Main Event.
