Real Estate Developer Charged with Loan Fraud

Allison Tussey —  October 23, 2012 — Leave a comment

Michael Pouls, 50, Gladwyne, Pennsylvania, was charged 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.

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.

United States Attorney Zane David Memeger announced the charges.

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

Allison Tussey

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