NJ Man Faces Up To 60 Years In Prison In Loan Fraud Case - New York News

NJ Man Faces Up To 60 Years In Prison In Loan Fraud Case

Posted: Updated:
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.

  • Local NewsMore>>

  • muhlenberg-motel-fire

    Firefighters Battling Blaze In Muhlenberg Motel

    Firefighters Battling Blaze In Muhlenberg Motel

    Wednesday, April 23 2014 12:10 PM EDT2014-04-23 16:10:34 GMT
    Firefighters are battling flames and stiff winds at the scene of a multi-alarm motel fire in Berks County.
    Firefighters are battling flames and stiff winds at the scene of a multi-alarm motel fire in Berks County.
  • Police Warn Drivers After 2 Armed Carjackings In Camden

    Police Warn Drivers After 2 Armed Carjackings In Camden

    Wednesday, April 23 2014 11:17 AM EDT2014-04-23 15:17:23 GMT

    Police in Camden County are asking drivers to be alert after two carjackings since this weekend along one city street.

    Police in Camden County are asking drivers to be alert after two carjackings since this weekend along one city street.

  • Two Lancaster County Men Charged With Distributing Child Pornography

    Two Lancaster County Men Charged With Distributing Child Pornography

    Two Lancaster County Men Charged With Distributing Child Pornography

    Wednesday, April 23 2014 11:14 AM EDT2014-04-23 15:14:34 GMT
    The men are identified as 41-year old Hector Colon-Plaza and 60-year old Joseph FortunatoThe men are identified as 41-year old Hector Colon-Plaza and 60-year old Joseph Fortunato
    Lancaster Police arrested two men as part of ongoing efforts to target the online sharing, downloading and distribution of child pornography.The men are identified as 41-year old Hector Colon-Plaza and 60-year old Joseph Fortunato.
    Lancaster Police arrested two men as part of ongoing efforts to target the online sharing, downloading and distribution of child pornography.The men are identified as 41-year old Hector Colon-Plaza and 60-year old Joseph Fortunato.
  • Local NewsLocal NewsMore>>

  • Spy device live-Tweets private conversations

    Spy device live-Tweets private conversations

    Wednesday, April 23 2014 12:29 PM EDT2014-04-23 16:29:10 GMT
    A tiny new spy device aims to automatically live-Tweet overheard conversations. It's called Conversnitch.  Brian House and Kyle McDonald are behind the eavesdropping device.  They say it bridges the gap between (presumed) private physical space and public space online.
    A tiny new spy device aims to automatically live-Tweet overheard conversations. It's called Conversnitch.  Brian House and Kyle McDonald are behind the eavesdropping device.  They say it bridges the gap between (presumed) private physical space and public space online.
  • Toddler falls from 3-story window, not hurt

    Toddler falls from 3-story window, not hurt

    Wednesday, April 23 2014 10:42 AM EDT2014-04-23 14:42:24 GMT
    New York City police say a 2-year-old boy fell out of a third-story window overnight but was not hurt.
    New York City police say a 2-year-old boy fell out of a third-story window overnight but was not hurt.
  • De Blasio's carriage horse ban stalls

    De Blasio's carriage horse ban stalls

    Wednesday, April 23 2014 10:20 AM EDT2014-04-23 14:20:13 GMT
    Mayor Bill de Blasio is pulling back the reins on his plans to quickly get rid of New York City's horse-drawn carriage industry, stung by a recent outpouring of support for the colorful coaches that have clip-clopped their way through Central Park for more than 150 years. A campaign pledge to take on the horses during his first week as mayor was eclipsed by other issues.
    Mayor Bill de Blasio is pulling back the reins on his plans to quickly get rid of New York City's horse-drawn carriage industry, stung by a recent outpouring of support for the colorful coaches that have clip-clopped their way through Central Park for more than 150 years. A campaign pledge to take on the horses during his first week as mayor was eclipsed by other issues.
Powered by WorldNow
Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | Terms of Service | Ad Choices