Drexel Hill Man Charged in Massive Fraud Scheme
PHILADELPHIA—David Fili, Jr., 45, of Drexel Hill, Pennsylvania, was charged today by information with 10 counts of wire fraud and two counts of bank fraud in a $9.7 million scheme, announced United States Attorney Zane David Memeger.
From 2005 to March 2013, Fili was co-owner of Capital Financial Mortgage Corporation (“CFMC”), based in Delaware County, Pennsylvania. According to the information, during that time, Fili defrauded numerous lenders into purchasing mortgages issued by CFMC that were represented as first mortgages but that were, in reality, worthless second mortgages. He also allegedly defrauded other lenders who loaned money to CFMC on a warehouse line of credit. The information alleges that Fili helped defraud lenders out of approximately $9.7 million, some of which Fili used to pay his own mortgage on a vacation home and for extensive casino and sports gambling.
If convicted, Fili faces a substantial prison term, a five-year period of supervised release, full restitution, a fine of up to $10.5 million, and a $1,200 special assessment.
The case was investigated by the Federal Bureau of Investigation and the Department of Housing and Urban Development, Office of Inspector General, and is being prosecuted by Assistant United States Attorney Michael S. Lowe.
An Information is an accusation. A defendant is presumed innocent unless and until proven guilty.