Pennsylvania

Bucks County Real Estate Investor Charged Faces Fraud Charges

An indictment was unsealed Wednesday accusing a Bucks County real estate investor in connection with an alleged mortgage fraud scheme, federal prosecutors in Philadelphia said.

Dean Rossi, 49, of Warrington, Pennsylvania, who owned numerous low-income residential properties throughout the Philadelphia area, was charged with conspiracy, mail fraud affecting a financial institution, and bank fraud.

Rossi owned the properties under several different holding companies, including R&S Real Estate and HB Holding Co. he obtained bank loans from banks including Leesport Bank and the now-defunct Berwyn, Pa.-based Nova Bank in the names of those companies to purchase and refinance the properties. But prosecutors said Rossi allegedly teamed up with at least two title/closing agents — both of who were charged elsewhere — to divert a substantial portion of the loan proceeds. In total, he is accused of misappropriating in excess of $643,000 from real estate closings.

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