Chip Miyler and his wife were until October 14, 2005 the owners of Mid-West Choppers in Illinois, at which time they filed for both business and personal bankruptcy. According the filing, the business had liabilities of $2,315,325 and assets of $635,382. Personally, the couple had $1,633,221 in liabilities and $345,287 in assets.
As I related in a former POST, chip Miyler was immediately accused of taking money from about 25 clients, in the US and abroad, in exchange for down payments on custom motorcycles he promised to build. These custom bikes were never built and the money was used by himself & his wife for personal profit. Chip Miyler was also accused of applying for a bank loan offering as collateral motorcycles already sold to customers. Instead of going to trial where he would have faced 30 years in jail for each count of indictment, Chip Miyler pleaded guilty yesterday in U.S. District Court in Peoria to a single count of mail fraud. He will be sentenced on September 10th and is facing up to 30 years for this single charge.