A man from Egg Harbor Township, who faked his disappearance in a staged boating accident in 2014 to avoid prosecution, has admitted to sending a false distress call to the Coast Guard and submitting fraudulent information for a loan.
Acting U.S. Attorney Rachael Honig says 51-year-old Andrew Biddle pleaded guilty Wednesday to one count of bank fraud and one count of causing the U.S. Coast Guard to render unnecessary aid.
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According to Honig s office, in the summer of 2014, Biddle submitted documents to a credit union to secure a loan for $55,000; he listed a boat as collateral for the loan and provided a fraudulent appraisal for that vessel. Biddle also falsely listed his gross earnings as owner of Professional Boat, a document that falsely inflated the net income for Professional Boat, and a fake income tax return. Based on that incorrect information, Biddle received the loan in the full requested amount.