Businessman Admits Buying Yacht With Katrina Relief Loan

Law360, New York (September 12, 2011, 4:14 PM EDT) -- A Louisiana man accused of buying a yacht with $1 million in U.S. Small Business Administration loans that were supposed go toward fixing damage from Hurricane Katrina told a Mississippi federal judge Monday that he would change his plea to guilty.

Victor Planetta, who is accused of fraud and conspiracy along with his wife Eileen, changed his tune before U.S. District Judge Louis Guirola Jr. ahead of a two-week trial set to commence Oct. 3 in Gulfport, Miss.

The couple were arrested April 26 in Slidell,...
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