A man whose empire of dilapidated Philadelphia rental houses prompted tenants to call him the "Slumlord Millionaire" has been sentenced to six years in prison for defrauding banks of more than $10 million.
The Philadelphia Daily News (bit.ly/10yvuxW) reports that Robert Coyle Sr. was sentenced Thursday in federal court.
Federal prosecutor Mary Kay Costello says Coyle borrowed millions from two banks but lied about some of the property titles and the income from the homes he put up as collateral.
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Coyle obtained more than $15 million in loans on nearly 300 properties. He enticed low-income tenants with rent-to-own agreements, and many of them spent their own money to fix them up. But tenants began receiving notices their homes were headed for sheriff's sale after he stopped paying on the loans.
Information from: Philadelphia Daily News, http://www.philly.com