Raleigh Man Accused Of Obtaining $230,000 Loan For Nonexistent Boat

RALEIGH – A 46-year-old Raleigh man has been arrested after investigators say he obtained approximately $230,000 from a Florida financial institution to purchase a boat that did not exist.

Keith Sanders was arrested November 9 by agents with the North Carolina State Bureau of Investigation on warrants issued by the Florida Department of Law Enforcement (FDLE).

Sanders is charged with first-degree grand theft and second-degree providing false information to a financial institution.

According to FDLE, the investigation began in October after a Tallahassee financial institution reported being defrauded out of approximately $230,000 through a fraudulent loan.

Investigators said Sanders obtained the loan in May 2024, claiming he intended to purchase a boat in North Carolina.

During the loan application process, Sanders allegedly provided false information about his residence and employment, claiming he lived in Panama City, Florida, and worked in Tallahassee.

He also allegedly submitted a fraudulent title for a boat that investigators determined did not exist.

SBI agents located and arrested Sanders on November 9. He was transported to the Wake County Jail.

Authorities said Sanders had previously been arrested by FDLE in February 2026 on similar charges involving a separate fraudulent loan obtained through a financial institution in Perry, Florida.

Investigators believe additional financial institutions across Florida may have been victimized.

The case is being prosecuted by the State Attorney’s Office for Florida’s 14th Judicial Circuit.

The investigation remains active.

Anyone with information about possible additional fraud involving Sanders is asked to contact FDLE’s Tallahassee office at 850-410-7640.