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 NewsLocal NewsMore>>

  • Fatal boat explosion on Long Island

    Fatal boat explosion on Long Island

    Wednesday, August 20 2014 9:56 PM EDT2014-08-21 01:56:27 GMT
    Detectives from the Nassau County Homicide Squad are investigating an explosion that destroyed a boat, burned two docks, and killed one person in Manorhaven on Wednesday afternoon. Two dock workers and two boaters were gassing up a docked 33-foot Carver motor boat just after 2:45 p.m. when an explosion tore through the boat, setting it and the dock on fire, police said.
    Detectives from the Nassau County Homicide Squad are investigating an explosion that destroyed a boat, burned two docks, and killed one person in Manorhaven on Wednesday afternoon. Two dock workers and two boaters were gassing up a docked 33-foot Carver motor boat just after 2:45 p.m. when an explosion tore through the boat, setting it and the dock on fire, police said.
  • Helmsley Building lights up in gold

    Going gold for pediatric cancer research

    Going gold for pediatric cancer research

    Wednesday, August 20 2014 9:22 PM EDT2014-08-21 01:22:24 GMT
    The Helmsley Building in Manhattan went gold Wednesday night in honor of children with cancer. The owners also plan to do the same in September for Pediatric Cancer Awareness Month.Other city landmarks that will go gold next month include Times Square, the Coney Island Parachute jump, and all of Bay Ridge, Brooklyn.
    The Helmsley Building in Manhattan went gold Wednesday night in honor of children with cancer. The owners also plan to do the same in September for Pediatric Cancer Awareness Month.Other city landmarks that will go gold next month include Times Square, the Coney Island Parachute jump, and all of Bay Ridge, Brooklyn.
  • Bed bug infestation at money firm PIMCO, report says

    Bed bug infestation at money firm PIMCO, report says

    Wednesday, August 20 2014 6:55 PM EDT2014-08-20 22:55:02 GMT
    A big money management firm in New York City has been hit with a major infestation of bed bugs, according to Fox Business Network. Stock traders who do business with Pacific Investment Management Co., better known as PIMCO, told Fox Business' Charles Gasparino that hundreds of people have been relocated from one of the firm's buildings in New York City to an undisclosed upstate location after reports of widespread bed bug bites among executives and employees.
    A big money management firm in New York City has been hit with a major infestation of bed bugs, according to Fox Business Network. Stock traders who do business with Pacific Investment Management Co., better known as PIMCO, told Fox Business' Charles Gasparino that hundreds of people have been relocated from one of the firm's buildings in New York City to an undisclosed upstate location after reports of widespread bed bug bites among executives and employees.
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 | New Terms of Service What's new | Ad Choices