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Pensacola Man Pleads Guilty to Bank Fraud, Faces 30 Years in Prison

Pensacola man Steele guilty of bank fraud, faces 30 years for faking income on loan apps for luxury items.

byEditorial Staff

September 30, 2025, 10:11 AM

Executive Summary

Pensacola resident Shawn Steele pleaded guilty to three counts of bank fraud for falsifying income on loan applications.

Steele obtained loans for a Ferrari, a Jeep Wrangler, and a Cape Horn boat from PenAir Credit Union and Central Credit Union of Florida between January and June 2023.

He faces a potential sentence of up to 30 years in prison, with sentencing scheduled for December 17, 2025, following an investigation by the FBI.

Laws and Precedent

The defendant pleaded guilty to federal bank fraud charges, a serious offense under U.S. law, which carries a potential maximum sentence of up to 30 years in prison. This case, investigated by the FBI and prosecuted by an Assistant U.S. Attorney, falls under federal jurisdiction, underscoring the government’s commitment to prosecuting financial crimes that defraud federally insured financial institutions.

Shawn Steele, a 52-year-old Pensacola resident, pleaded guilty in federal court this week to three counts of bank fraud. Steele admitted to intentionally falsifying his income on loan applications to secure financing for a luxury car, a Jeep, and a boat from two local credit unions. The plea was announced on Tuesday, September 30, 2025, and he now faces a potential sentence of up to 30 years in prison.

Details of the Fraud Scheme

Between January 3, 2023, and June 30, 2023, Steele obtained multiple loans by making false statements regarding his income. The fraudulent applications were submitted to PenAir Credit Union and Central Credit Union of Florida.

These loans were specifically for the purchase of a Jeep Wrangler, a Ferrari 488 Pista, and a Cape Horn boat. The misrepresentations were made with the clear intent to influence the financial institutions’ lending decisions.

Investigation and Sentencing

The Federal Bureau of Investigation (FBI) conducted the investigation into Steele’s activities. Assistant United States Attorney Jeffrey M. Tharp is prosecuting the case on behalf of the government.

Steele’s sentencing is scheduled for December 17, 2025, at 11:00 AM, before District Judge M. Casey Rodgers. Following any potential imprisonment, he could also face five years of supervised release.

Next Steps

Steele’s guilty plea underscores the serious consequences for individuals who attempt to defraud financial institutions. This case highlights the ongoing efforts by federal law enforcement to identify and prosecute those engaged in financial fraud within the Northern District of Florida.