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.
Summer is not over just yet! Hot and humid conditions much of the week with temps in the 90's and upper 80's.
Summer is not over just yet! Today will be very hot and humid with high temperatures in the low to mid 90s and mostly sunny skies. A cold front will bring some thunderstorms tonight, some of which may be severe.
Wednesday will be less humid but it remains warm all week long.
Tuesday (93/72): Clouds/Storm
Wednesday (88/74): Sun/Clouds
Thursday (89/67): Sunny/Hot