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Bank Fraud

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NEWS
February 4, 1994 | By Joseph A. Slobodzian, INQUIRER STAFF WRITER
Richard H. Rossmiller, the man considered the biggest individual borrower in the nation's savings-and-loan scandal and to whom Montgomery County's Hill Financial Savings Association lent more than $100 million before collapsing, was sentenced yesterday to more than four years in prison and ordered to make restitution of $10 million. "You have a lot of talent, you have ambition," U.S. District Judge Joseph L. McGlynn Jr. told Rossmiller. "I don't think there's any question that you can be a successful, productive citizen when you again get that opportunity.
NEWS
November 24, 1989 | By Joseph A. Slobodzian, Inquirer Staff Writer
The U.S. Attorney's Office has announced the filing of criminal charges against an officer of a defunct Montgomery County soft pretzel company, charging him with defrauding six financial institutions of almost $1 million in loans for the company. Howard J. Taggart, 41, of Lansdale, former vice president and manager of Trotter Soft Pretzels Inc. of Hatfield Township, was charged in the criminal information Wednesday with one count of bank fraud and one count of interstate transportation of stolen securities.
NEWS
September 11, 1986 | By Emilie Lounsberry, Inquirer Staff Writer
An Iranian citizen who posed as a Saudi prince was indicted yesterday by a federal grand jury on charges that he defrauded William Penn Bank in Center City and the bank's former president of about $260,000 last year. Assistant U.S. Attorney Nicholas C. Harbist said an arrest warrant had been issued for the man, Mousalreza Ebrahim Zadeh, 46, of Fresno, Calif., who has been in the United States with the immigration status of permanent resident. Zadeh was charged with one count of bank fraud and four counts of wire fraud.
NEWS
June 9, 2000 | By Sudarsan Raghavan, INQUIRER STAFF WRITER
A federal grand jury yesterday indicted a Bucks County truck-leasing company owner and an employee, who are accused of tricking a Philadelphia bank into lending the company $1.5 million to buy trucks that were never bought. The money instead was used by Walter L. Ball of Solebury to run his failing business, Austin Truck Rental Inc., and to pay himself "tens of thousands of dollars in income," prosecutors allege. If convicted, Ball, 66, and his controller, Diane T. Hood, 53, of Elkins Park, each face maximum prison terms of 30 years.
NEWS
December 11, 2012
A 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 had only $3,000 in bank accounts in 2007 when he created false statements suggesting he had $28 million. At the time, Pouls was seeking loans from National Penn Bank and Wilmington Trust Co. Diamond set his sentencing for March 11. - John P. Martin
NEWS
June 23, 2010
U.S. District Judge Jan E. DuBois has declared a mistrial in the case of the Budge Industries CEO who was charged last year with five counts of bank fraud. Howard Bruce Klein, attorney for Charles Simon, 57, of Blue Bell, said the jury was deadlocked, 10-2, for acquittal after two days of deliberations. In court filings, Klein said the alleged fraud occurred nearly 10 years ago. The case involved a $1.3 million loss to Summit Bank. Two other defendants earlier pleaded guilty. A spokeswoman for the U.S. Attorney's Office said it was premature to say whether prosecutors would seek a retrial.
NEWS
December 20, 2002 | By Chris Gray INQUIRER STAFF WRITER
Officials at a widely known Conshohocken auto auction were found guilty yesterday of defrauding 10 banks of $418,657 by underreporting the sales from more than 300 repossessed vehicles. Between 1993 and 1996, Carriage Trade Auto Auction manager Timothy Smith and his assistant, Paul J. Leahy, kept two sets of receipts for numerous repossessed cars on their lot, the U.S. Attorney's Office charged. The auction was supposed to sell the cars, repossessed by the banks, to the highest bidder.
NEWS
May 22, 1992 | By Thomas Turcol, INQUIRER STAFF WRITER
An Atlantic City entrepreneur was convicted by a federal jury in Newark yesterday of defrauding and lying to bankers in connection with a company she had formed to help inner-city businesses. Marsha Allen-Collins, 38, was convicted in U.S. District Court on one count of bank fraud and four counts of making false statements to various banks. The jury deadlocked on another charge of falsifying statements to bank officials. Allen-Collins, a graduate of Harvard Business School, faces a maximum 13- year prison term and fines of up to $1.25 million, according to the U.S. Attorneys Office in Newark, which prosecuted the case.
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ARTICLES BY DATE
NEWS
December 14, 2014 | By Mark Fazlollah, Inquirer Staff Writer
A federal judge on Friday granted permission for Chaka Fattah Jr. to represent himself in a tax and bank fraud case that could send him to prison for life if he is convicted. U.S. District Judge Harvey Bartle III agreed to allow Fattah, son of U.S. Rep Chaka Fattah (D., Pa.), to be his own lawyer. Before ruling, Bartle carefully instructed Fattah, 32, on each of the criminal charges he faced and added that the case carries a maximum penalty of 418 years in prison and $12.4 million in fines.
BUSINESS
September 13, 2014 | By Joseph N. DiStefano, Inquirer Staff Writer
M&T Bank , which took over Wilmington Trust Corp. as Delaware's largest bank was on the edge of financial collapse three years ago, agreed Thursday to pay $18.5 million to the Securities and Exchange Commission to settle charges against Wilmington Trust. Accounting disclosure and fraud charges faced the bank because of "improperly" excluded loan losses of $300 million from its quarterly reports after the 2008 financial crisis, the SEC said. The deal follows a string of federal bank fraud prosecutions in Wilmington and Philadelphia against former Wilmington Trust officers and private developer clients.
NEWS
September 12, 2014
In 2014, you know you've made it when Charlie Sheen tweets about you. Temporary Tattle therefore gives you: Shady McTipper, part deux. As Daily News gossip columnist Molly Eichel reported, lo, those many days ago - Tuesday - it seems that Eagles running back LeSean McCoy took buddies out for burgers at Northern Liberties' PYT Monday afternoon. They racked up a $61.56 bill, and McCoy himself apparently left server Rob Knelly a very lousy tip. Twenty cents lousy.
ENTERTAINMENT
July 10, 2014 | By Tirdad Derakhshani, Inquirer Staff Writer
Real convict of Atlanta It'll be some time before we'll see The Real Housewives of Atlanta star Phaedra Parks on her husband's arm. Apollo Nida , 35, was sentenced Tuesday to 96 months (eight years) in federal prison after pleading guilty to bank fraud and ID theft, the Atlanta Journal Constitution reports. Nida ripped off more than 50 people to the tune of $2 mil. Nida could have been given anywhere from 92 to 115 months. U.S. District Court Judge Charles A. Pannell said he handed down a fairly stiff sentence because white-collar crimes of this type see a high rate of recidivism.
NEWS
March 9, 2014 | By Jeremy Roebuck, Inquirer Staff Writer
Michael Pouls, a Main Line developer whose name had for many become synonymous with the borrow-and-spend excesses of the early 2000s, saw his wave of prosperity come crashing down Friday as a federal judge sentenced him to eight years in prison for bank fraud. U.S. District Judge Paul S. Diamond cut down arguments that Pouls' prosecution was motivated by postrecession "class hatred" and instead referred to the 52-year-old as a "liar and a thief" caught by the economic downturn. "He's not being punished for his success," the judge said.
NEWS
May 24, 2013
A Camden man pleaded guilty Thursday to a scheme involving cashing checks stolen from curbside mail boxes in business industrial parks in Camden, Gloucester, and Burlington counties. Appearing before U.S. District Judge Jerome B. Simandle in federal court in Camden, Michael A. Ingalls, 35, of Camden, admitted to one count of conspiracy to commit bank fraud and one count of possessing stolen mail. Ingalls and Ibn Muhammad, 35, of Camden, a co-conspirator, would recruit helpers to cash the checks.
NEWS
March 21, 2013 | BY DANA DiFILIPPO, Daily News Staff Writer difilid@phillynews.com, 215-854-5934
HERE'S A LOOK at some dumb criminals who have implicated themselves online: -An Indiana man, arrested on assault charges after a 2009 bar fight in New York, fled before his sentencing. But Chris Crego left plenty of cyber clues for cops to catch him: He posted his wanted poster on his Facebook page, along with his current hometown, employer and work hours. U.S. Marshals easily tracked him down, and police posted this thank-you note to Crego's Facebook page: "It was due to your diligence in keeping us informed that now you are under arrest.
NEWS
March 15, 2013 | By Sam Wood, PHILLY.COM
The ringleader of a large fraud and identity theft ring, described by his victims as a "financial terrorist," was sentenced today in federal court to 12 years in prison. Lawrence Fudge, 47, of West Oak Lane, defrauded dozens of victims as he amassed more than $360,000 in cash and goods. According to prosecutors, Fudge employed a network of bank employees, check runners, and an insurance company employee. He used illegal drugs to entice some of the conspirators. In at least one case, he flashed a gun in ensure participation, according to prosecutors.
BUSINESS
February 21, 2013 | By Joseph N. DiStefano, Inquirer Staff Writer
Who killed the banks? And why aren't they in prison? It's past three years since Wachovia, National City , and other giant lenders that made too many dumb loans to borrowers who couldn't pay were forced into oblivion in government-aided discount sales to new owners, destroying share values and hometown jobs. Last time banks failed on a big scale - back when George H.W. Bush   was president - scores of bad-bank operators and lying business borrowers went to prison. That hasn't happened much under President Obama , whose administration prefers fines and wrist-slapping.
NEWS
February 16, 2013 | By Mari A. Schaefer, INQUIRER STAFF WRITER
The family of the man who opened fire in a crowded Wilmington courthouse Monday killing two women and wounding two Capitol police officers says it "apologizes to the people of Delaware. " Members of the Matusiewicz family released a statement this morning, saying they too were "stunned" at the events. Thomas Matusiewicz, 68, took his own life after he shot his ex-daughter-in-law Christine Belford and her friend Laura "Beth" Mulford. Belford was in court for a child-support hearing.
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