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Raleigh Businessman Arrested in Florida for Alleged $198K Loan Fraud
Keith Sanders charged with grand theft and scheme to defraud a financial institution
Published on Mar. 5, 2026
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A 46-year-old businessman from Raleigh, North Carolina, named Keith Sanders has been arrested in Perry, Florida, on charges of grand theft and scheme to defraud a financial institution. Authorities say Sanders falsified a loan application for over $198,000 with Blue Coast Federal Credit Union and later defaulted on the loan. He also allegedly provided the credit union with a fake boat title.
Why it matters
This case highlights the ongoing problem of financial fraud, which can have serious consequences for both individuals and financial institutions. The alleged actions of Keith Sanders raise concerns about the integrity of the lending process and the need for robust verification procedures to prevent such crimes.
The details
According to the Florida Department of Law Enforcement, the investigation into Sanders began on November 4, 2025, after the Perry Police Department received information about the fraudulent loan application. Authorities found that Sanders had falsely claimed to be a resident of Panama City and employed in Tallahassee, Florida, in order to secure the loan from Blue Coast Federal Credit Union.
- The investigation into Sanders began on November 4, 2025.
- On February 23, 2026, the Florida Department of Law Enforcement obtained an arrest warrant for Sanders.
- Sanders surrendered at the Taylor County Jail on February 23, 2026.
The players
Keith Sanders
A 46-year-old businessman from Raleigh, North Carolina, who was arrested in Perry, Florida, on charges of grand theft and scheme to defraud a financial institution.
Blue Coast Federal Credit Union
The financial institution that Sanders allegedly defrauded by falsifying a loan application for over $198,000.
Florida Department of Law Enforcement
The law enforcement agency that led the investigation into Sanders and obtained the arrest warrant.
Perry Police Department
The local law enforcement agency that initially received information about the fraudulent loan application and assisted in the investigation.
Taylor County Sheriff's Office
The local law enforcement agency that assisted the Florida Department of Law Enforcement in the investigation.
What’s next
The investigation remains active, and it is unclear if additional charges or arrests may follow.
The takeaway
This case underscores the importance of robust verification procedures in the lending process to prevent financial fraud and protect both lenders and borrowers. It also serves as a reminder of the serious legal consequences that can result from such crimes.
