Philly Developer Charged In $13M Bank Fraud Scheme

Law360, Philadelphia (October 19, 2012, 3:32 PM EDT) -- A Pennsylvania real estate developer was charged Thursday with lying and providing banks falsified documents in a scheme to obtain more than $13 million in loans, according to the U.S. attorney's office in Philadelphia.

Michael Pouls, 50, a resident of the Philadelphia suburb of Gladwyne, is accused of providing two banks with falsified account statements showing he had controlled more than $20 million worth of securities as a means of securing loans to finance his business and real estate developments.

“Michael Pouls devised and intended to...
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