Robert Coyle, Sr., Loan Fraud, Pennsylvania 2012

A New Jersey man has been sentenced to a lengthy prison term for his role in a brazen loan fraud scheme that attempted to swindle over $10 million from three banks.

Robert Coyle, Sr., 68, of Glassboro, New Jersey, was sentenced to 72 months in prison for his crimes, which include two counts of loan fraud. Coyle pleaded guilty to the charges on October 1, 2012.

The scheme, which was uncovered by the Federal Bureau of Investigation and the Economic and Cyber Crimes Unit of the Philadelphia District Attorney's Office, involved Coyle borrowing more than $3 million from East River Bank and over $6.6 million from Republic First Bank. Coyle pledged approximately 71 properties to secure the East River Bank loans and around 117 properties to secure the Republic First Bank loan.

However, it was revealed that Coyle had entered into various ownership agreements, including rent-to-own, with the occupants of several of the properties, meaning he did not hold good title for all of the properties he pledged. The loans submitted totaled over $10 million.

In addition to the prison term, U.S. District Court Judge Stewart Dalzell ordered restitution in the amount of $6,480,302.65, five years of supervised release, a $200 special assessment, and a forfeiture money judgment of $10,106,200.

The case was prosecuted by Assistant United States Attorney Mary Kay Costello. Coyle's crimes have left a trail of financial devastation in their wake, with many individuals and entities affected by his scheme.

Coyle's sentence serves as a reminder that those who engage in such egregious financial crimes will be held accountable for their actions.

Source: https://www.justice.gov/usao-edpa/pr/new-jersey-man-sentenced-six-years-prison-loan-fraud