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>>

  • Firefighters rescue crane operator

    Firefighters rescue crane operator

    Wednesday, July 30 2014 6:12 AM EDT2014-07-30 10:12:48 GMT
    Firefighters in northern New Jersey rescued an Iowa man when his bucket crane buckled. Josh Lovell of Melcher, Iowa, was working on lights when the crane broke Tuesday.
    Firefighters in northern New Jersey rescued an Iowa man when his bucket crane buckled. Josh Lovell of Melcher, Iowa, was working on lights when the crane broke Tuesday.

  • Police: Man drives off NY bridge, dies

    Police: Man drives off NY bridge, dies

    Wednesday, July 30 2014 6:10 AM EDT2014-07-30 10:10:33 GMT
    New York State NewsNew York State News
    Police in Westchester County are investigating whether a man who died was drag racing when he drove off a bridge. They say the victim was driving northbound on the Saw Mill River Parkway when he exited and drove off the Ashford Avenue Bridge in Dobbs Ferry around 12:30 a.m. Wednesday. The man was alone in the car.
    Police in Westchester County are investigating whether a man who died was drag racing when he drove off a bridge. They say the victim was driving northbound on the Saw Mill River Parkway when he exited and drove off the Ashford Avenue Bridge in Dobbs Ferry around 12:30 a.m. Wednesday. The man was alone in the car.

  • Aire Ancient Baths

    A relaxing bathhouse in busy Tribeca

    A relaxing bathhouse in busy Tribeca

    Tuesday, July 29 2014 10:29 PM EDT2014-07-30 02:29:51 GMT
    Deep beneath the hustle and bustle of Tribeca lies a modern-day oasis brimming with old world charm: Aire Ancient Baths, my new favorite city escape. The breathtaking spa is illuminated by hundreds of candles and smells of invigorating eucalyptus. For around $80 you can bathe in the tranquil blue pools for 90 minutes and find the temperature that's right for you.
    Deep beneath the hustle and bustle of Tribeca lies a modern-day oasis brimming with old world charm: Aire Ancient Baths, my new favorite city escape. The breathtaking spa is illuminated by hundreds of candles and smells of invigorating eucalyptus. For around $80 you can bathe in the tranquil blue pools for 90 minutes and find the temperature that's right for you.
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