Main Line developer pleads in $13 million fraud

Posted: December 11, 2012

A prominent Main Line developer pleaded guilty Monday to defrauding two banks to get $13 million, prosecutors said.

Michael Pouls, 50, pleaded guilty to wire and bank fraud and false statements in a hearing before U.S. District Judge Paul Diamond, according to the office of U.S. Attorney Zane David Memeger.

Pouls, whose opulent Gladwyne estate was once featured on MTV's Teen Cribs, had only $3,000 in accounts when he lied and created false statements in 2007 suggesting he had $28 million in a bid to get the loans from National Penn Bank and the former Wilmington Trust Bank.

Diamond set his sentencing for March 11.

- John P. Martin

 

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