George Janssen pleaded guilty to fraud

What did Janssen confess to?

According to the Federal Bureau of Investigation (FBI), Janssen orchestrated a massive auto loan scheme using false collateral. Using "fictitious cars," he took out loans from approximately 20 lenders for up to $3.9 million, of which approximately $1.94 million to $3.3 million remains unpaid.

In August 2023, the Michigan Department of State discovered that George had been taking out loans on the same fictitious cars. As a result, his dealer license was revoked for five years. Janssen then withdrew approximately $75,000 in cash from ATMs and wrote himself a check for $44,000 from his company, Bay Auto Brokers, before disappearing.

A month later, he was found on the side of the road with zip ties on his hands and blood on his face. According to Janssen, the kidnapping was carried out by representatives of a Mexican cartel, who held him in a basement in Ohio and demanded a ransom. It was later revealed that the kidnapping was staged to cover up a fraudulent scheme.

After these events, Janssen went into hiding, but was arrested in March 2024 after police received statements from several victims.

Investigators claim that it was the pressure of the collected evidence, including bank transfers and surveillance footage, that prompted George to make a deal with the investigation. In August 2024, he formally pleaded guilty to fraud and money laundering. The deal allowed him to avoid more serious charges, but did not spare him from a possible lengthy prison sentence.

Even his own son and friends suffered from Janssen's actions, who also took out loans and ended up in debt. The poker player's long-time friend, Earl McKee, told The Independent:

"He used our friendship to pressure me into taking out a number of car loans. It was a shock to everyone..."

What awaits the player?

George Janssen is the winner of four WSOP Circuit bracelets, most of which were won in WSOP.com online tournaments, and also the winner of the MSPT Venetian Main Event ($82,823) in 2023. According to The Hendon Mob, the player has earned more than $450K in his career.

The player could face up to 30 years in prison and a fine of up to $1 million for defrauding financial institutions. The charges include defrauding about 20 different banks.

Even in the case of a more lenient sentence, George's reputation in the poker world will be seriously damaged. After this, Janssen's return to the game will be extremely difficult.