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.
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!
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!
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.
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.
Tuesday, May 21 2013 11:04 PM EDT2013-05-22 03:04:07 GMT
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
Two local EMTs are headed to Oklahoma to help victims and crews dealing with the aftermath of a deadly tornado.
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.
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.
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.
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.
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.
Tuesday, May 21 2013 9:51 PM EDT2013-05-22 01:51:10 GMT
Just a few days after Mark Carson, 32, was killed for being gay, and only a few hours after a massive rally in the west village calling for an end to the anti-gay violence, it happened again.
Just a few days after Mark Carson, 32, was killed for being gay, and only a few hours after a massive rally in the west village calling for an end to the anti-gay violence, it happened again.
Tuesday, May 21 2013 7:17 PM EDT2013-05-21 23:17:02 GMT
For the first time since the death under mysterious circumstances of hop music mogul Chris Lighty nine months ago, his grieving mother is breaking her silence.
For the first time since the death under mysterious circumstances of hop music mogul Chris Lighty nine months ago, his grieving mother is breaking her silence.
Tuesday, May 21 2013 5:33 PM EDT2013-05-21 21:33:52 GMT
For 35 years, Hubbard Street Dance Chicago has been bringing its brand of contemporary dance to audiences around the world. One of the company's frequent stops is the Joyce Theater in Chelsea where it
For 35 years, Hubbard Street Dance Chicago has been bringing its brand of contemporary dance to audiences around the world. One of the company's frequent stops is the Joyce Theater in Chelsea where it
Tuesday, May 21 2013 5:25 PM EDT2013-05-21 21:25:20 GMT
Gov. Andrew Cuomo and St. Regis Mohawk tribal leaders have signed an agreement to ensure the Mohawks keep their exclusive casino territory in northern New York while paying the state $30 million in gambling
Gov. Andrew Cuomo and St. Regis Mohawk tribal leaders have signed an agreement to ensure the Mohawks keep their exclusive casino territory in northern New York while paying the state $30 million in gambling
Tuesday, May 21 2013 5:21 PM EDT2013-05-21 21:21:42 GMT
Revel is bankrupt no more. The struggling Atlantic City casino formally emerged from bankruptcy court on Tuesday, just 13 months after it opened with sky-high hopes.
Revel is bankrupt no more. The struggling Atlantic City casino formally emerged from bankruptcy court on Tuesday, just 13 months after it opened with sky-high hopes.
