Pete messes with Michael's credit cards. That seemed quite unrealistic to me. How would a cop do that??
I imagine they can run/check your credit, but can they alter it?
"Some laughed. He let them. His own heart laughed, and that was enough."
-A Christmas Carol
Through the normal course of an officers' duties...no. However, being as Pete is obviously a psycho nut cop, he may have stolen his identity and messed up his credit cards.
Also, I found this very interesting...Michael is a "gambler" for lack of a better term...he invested all his money on the nightclub (which can pass or fail at a moments notice), hoping to impress the bigwig investor who came to the party, so it is implied the psycho cop did all this when it may have been Michaels fault all along.
Also, he is a wannabe bigwig himself, so he may have gotten a bunch of parking tickets he may have not taken care of which caught him in the ass later, unfortunately in front of his friends, causing embarrassment.