Pa. developer charged with bank fraud

October 19, 2012 6:59:32 AM PDT
A developer from suburban Philadelphia has been charged with bank fraud for using false information to get more than $13 million in loans from two banks.

The U.S. attorney's office in Philadelphia said Thursday that Michael Pouls of Gladwyne is charged with bank and wire fraud and making false statements to banks.

U.S. Attorney Zane Memeger said Pouls induced Boyertown-based National Penn Bank in 2007 and the former Wilmington Bank in 2008 to lend him $13 million on the basis of fraudulent securities statements.

His attorney, Lisa Mathewson, said her client had already admitted wrongdoing.

Pouls worked out of his multimillion-dollar Gladwyne estate, relying on loans and lines of credit to finance his real estate projects.


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