NJ Man Faces Up To 60 Years In Prison In Loan Fraud Case
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PHILADELPHIA -
A New Jersey man faces up to 60 years in prison after the U.S. Department of Justice says he pleaded guilty Monday to two counts of loan fraud.
The Department of Justice says 67-year-old Robert Coyle, of Glassboro, owned and rented more than 300 properties in Philadelphia. Through the entities, he borrowed more than $3 million from one bank and more than $6.6 million from another.
According to investigators, the purpose of the loans was to refinance existing loans, make improvements on some of the properties and to consider additional real estate opportunities.
While the banks anticipated the loans would be repaid through rental income, it was later determined that Coyle did not hold good title for all of the properties he had pledged to the banks.
The Department of Justice says his sentencing hearing was scheduled for January. Along with facing a potential 60-year sentence, Coyle also faces $2 million in fines and restitution to the banks.
Tuesday, May 21 2013 11:49 PM EDT2013-05-22 03:49:33 GMT
You'll never believe who is dancing circles around these people. Meet the Allentown-area lady with the fancy footwork that leaves her disciples breathless!
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Tuesday, May 21 2013 11:13 PM EDT2013-05-22 03:13:58 GMT
Helmeted rescue workers raced Tuesday to complete the search for survivors and the dead in the Oklahoma City suburb where a mammoth tornado destroyed countless homes, cleared lots and claimed 24 lives.
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Bucks County EMT Bryan Elwell is heading out to Oklahoma to help assist overwhelmed emergency responders dealing with the deadly tornado aftermath in Moore, just outside Oklahoma City. He's prepared
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Tuesday, May 21 2013 10:08 PM EDT2013-05-22 02:08:36 GMT
Police in Lancaster say they've detained two men in an investigation prompted by a woman's call to 911 from the trunk of a car to report that she had been abducted by strangers.
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Tuesday, May 21 2013 7:59 PM EDT2013-05-21 23:59:26 GMT
A man was critically injured Tuesday in New Castle by an explosion that happened while he opened an antique army ammunition box he picked up from his neighbors trash.
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Tuesday, May 21 2013 6:01 PM EDT2013-05-21 22:01:25 GMT
Police sources say the two incidents now under investigation took place at Houston Hall, a student center and lecture hall, on Spruce Street in the heart of the University of Pennsylvania campus.
Police sources say the two incidents now under investigation took place at Houston Hall, a student center and lecture hall, on Spruce Street in the heart of the University of Pennsylvania campus.
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