Philadelphia, PA (FBI) – An Indictment1 was unsealed today charging George Barnard, 45, of Newtown Square, with 24 counts of wire fraud, four counts of bank fraud, and three counts of filing a false tax return, announced United States Attorney Zane David Memeger.
- George Barnard, 45, of Newtown Square, Pennsylvania, was indicted with 24 courts of wire fraud, four counts of bank fraud, and three counts of filing a false tax return, announced United States Attorney Zane David Memeger
- Barnard was one of two owners of Capital Financial Mortgage Corporation, based in Delaware County
- Barnard claims that from 2005 through 2013, he refinanced mortgages for clients, but instead of using the money to pay off existing loans and fund new mortgages, he lived a Gatsby lifestyle
- The total monetary amount is approximately $13,000,000 million dollars
- Barnard allegedly bought yachts, luxury cars, multi-million dollar beach homes in Avalon, New Jersey, and paying the salary of a yacht captain
- The indictment alleges that Barnard’s IRS filing showed hundreds of thousands of dollars in losses, when Barnard actually had an astonishing $2.3 million dollars in unreported income
- Barnard told the bank on one occasion that he was buying a beach home for more than $3 million dollars when in reality the sale price was $2 million dollars
- Barnard faces a maximum sentence of 669 years’ imprisonment, a five-year period of supervised release, a $12,300,000 fine, a $3,300 special assessment, and a likely advisory sentencing guideline range of 135-168 months imprisonment
- The case was investigated by the Federal Bureau of Investigation, the Department of Housing and Urban Development, Office of Inspector General, and the Internal Revenue Service, Criminal Investigation Division, and is being prosecuted by Assistant United States Attorney Michael S. Lowe