Philly Landlord Charged with $10M Loan Fraud

Prosecutors say he didn't hold clear title to properties being refinanced.

A prominent Philadelphia landlord has been charged with fraud in the $10 million refinancing of hundreds of inner-city row homes.

Robert Coyle Sr. of Glassboro, N.J., is charged with loan fraud. Prosecutors say he didn't hold clear title to properties being refinanced.

Defense lawyer Jeff Miller says Coyle got caught in the real estate downturn and one bank's attempt to call in its loans amid a takeover. 

Lawyer Jeff Miller says Coyle could not come up with the cash. And he says the bank made things worse by telling tenants to send rent checks to the bank. He says many tenants stopped paying rent entirely.

Coyle's arraignment is Tuesday in federal court.

A former bus driver, the 66-year-old Coyle owns rentals in the city's low-income Fishtown and Port Richmond neighborhoods.


 

Copyright AP - Associated Press
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