PENSACOLA, Fla. – A Pensacola man who used false income information to obtain nearly $650,000 in loans for a Ferrari, Jeep Wrangler and boat has been sentenced to two years in federal prison.
Shawn Steele, 52, was sentenced for making false statements to federally insured financial institutions, the U.S. Attorney’s Office for the Northern District of Florida announced Friday.
Between March 7 and June 30, 2023, Steele obtained loans from Pen Air Credit Union and Central Credit Union of Florida to finance three major purchases: a Jeep Wrangler, a Ferrari 488 Pista and a Cape Horn boat.
Federal prosecutors said Steele submitted false pay stubs and other false information about his finances to influence the credit unions’ decisions on whether to approve the loans.
The loans totaled $647,363.07. Steele received $98,120.07 for the Jeep, $250,000 for the Ferrari and $299,243 for the boat, according to prosecutors.
Steele had previously pleaded guilty in federal court. A September 2025 announcement from prosecutors said he pleaded guilty to three counts of bank fraud related to the vehicle and boat loans.
The FBI investigated the case, which was prosecuted by Assistant U.S. Attorney Jeffrey M. Tharp.
The U.S. Attorney’s Office said the investigation was part of the Trump administration’s Task Force to Eliminate Fraud. The Justice Department describes the initiative as a government-wide effort targeting fraud, waste and abuse, with its National Fraud Enforcement Division supporting that work.