February 21, 2013 |
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.
February 16, 2013 |
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.
February 8, 2013 |
The founder of several hedge funds, already serving 10 years in a German prison for defrauding investors of nearly $500 million, is now facing similar charges in Philadelphia. Helmut Kiener, 53, controlled a number of hedgefunds including K1 Global Limited, Oceanus, Mezzanine and K1 Invest. According to federal prosecutors, Kiener misappropriated $311 million in an elaborate Ponzi scheme that he used to pay for a luxurious lifestyle. Among Kiener's alleged victims: Bear Stearns which lost $82 million to Kiener for three years until the financial institution went belly up in 2008; Barclays Bank which lost $137 million and BNP Paribas which lost $13.4 million.
February 7, 2013 |
A PHILADELPHIA woman was among 13 people arrested Tuesday in what federal authorities call "one of the largest" credit-card-fraud schemes ever. Vernina Adams, 31, was pivotal to the fraud by supplying the ring of scammers with fake, pumped-up credit histories through her business, One Stop Credit Shop, the U.S. Attorney's Office said. Collectively, the ring of co-conspirators from New York, New Jersey and Pennsylvania allegedly stole at least $200 million through a network of fake companies, according to authorities.
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.
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
October 20, 2012 |
A prominent Main Line developer was charged yesterday by the federal government in a fraud scheme in which he allegedly induced several local banks to lend him more than $13.3 million. Michael Pouls, 50, devised a scheme in May 2007 to obtain bank loans from National Penn Bank and the former Wilmington Trust Bank, federal prosecutors said. They said he faked statements showing he had $28.5 million in TD Ameritrade accounts to use as collateral for the loans while in reality he had $3,000.
October 7, 2012
Maker of deadly film set for court LOS ANGELES - A federal judge in Los Angeles will decide this week whether the man behind an anti-Islamic film that sparked violence in the Muslim world should be sent back to prison for violating his probation. Mark Basseley Youseff, 55, is expected in court Wednesday. He was convicted in 2010 of bank fraud. Prosecutors say Youseff had eight violations. Federal authorities say he was behind the film Innocence of Muslims , which led to the deaths of dozens, including U.S. Ambassador to Libya J. Christopher Stevens.
August 27, 2012
WHAT WILL make news in Philadelphia this week: CITY COURTS Sentencing day Jonathan Lowe, a retired Marine with a bad heart - and a pacemaker to prove it - claims he fatally stabbed Loren Manning in self-defense Oct. 1, 2011. Lowe, 57, said that while walking with take-home food from a neighborhood fish fry, Manning, 51, and at least two other men jumped him at Cecil B. Moore Avenue and Bouvier Street. Two Temple University students testified at Lowe's nonjury trial in May that they saw Manning chasing Lowe with a metal pole.
August 4, 2012 |
A bank teller from Willingboro has been indicted on federal charges of taking part in a fraud scheme that relied on stealing the identities of her former employer's customers. Patricia Lightsey, 27, and James Hull, 49, of Troy, N.Y., netted $170,820 from the plot, according to the indictment. A federal grand jury alleged that Lightsey, while a teller for TD Bank, sold to an unidentified person the identifying information, including dates of birth, driver's license numbers, social security numbers, and bank account numbers of bank customers between July and October 2011.