Glassboro Man Admits $10-Million Loan Fraud
A prominent Philadelphia landlord admits he lied on loan papers when he took out $10 million in loans to buy low-income rental units, some previously owned by his son.
Robert Coyle Sr. of Glassboro, N.J., faces prison time after pleading guilty Monday to two counts of loan fraud.
Federal prosecutors say that some properties Coyle listed as collateral had been promised to tenants through rent-to-own leases.
Defense lawyer Jeff Miller says one bank approached Coyle so he could help clean up bad loans made to his son.
Miller says the net loss to the banks was about $2 million.
Prosecutors believe federal guidelines call for a sentence of about four years, depending on the total loss found.
The 67-year-old Coyle remains free on bail.
(Copyright 2012 by The Associated Press. All Rights Reserved.)