Home Philadelphia Press Releases 2012 Real Estate Developer Charged with Bank and Loan Fraud

Real Estate Developer Charged with Bank and Loan Fraud

U.S. Attorney’s Office October 19, 2012
  • Eastern District of Pennsylvania (215) 861-8200

Michael Pouls, 50, of Gladwyne, Pennsylvania, was charged today by information with fraudulently inducing National Penn Bank in 2007 and the former Wilmington Bank in 2008 to lend him a total of $13.35 million on the basis of fraudulent securities statements. He has been charged with bank fraud, wire fraud, and false statements to banks to induce loans, announced United States Attorney Zane David Memeger.

If convicted the defendant faces a maximum possible sentence of 110 years in prison, a fine of $3.25 million, five years’ supervised release, and a $400 special assessment. Under the advisory guidelines, the defendant faces just under seven years in prison, as well as restitution and forfeiture.

The case was investigated by the FBI and is being prosecuted by Assistant United States Attorney Pamela Foa.

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