Friday, September 18, 2020
Friday, September 18, 2020

Newtown Square man defrauds lenders close to $13,000,000.00 to live a lavish lifestyle
N

Your Content is a nonprofit newsroom that investigates abuses of power. Sign up to receive our biggest stories as soon as they’re published.

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
- Advertisement -
- Advertisement -
- Advertisement -

Protect Independent Journalism

Your Content is a nonprofit newsroom that produces nonpartisan, evidence-based journalism to expose injustice, corruption and wrongdoing.

Spearheading the news revolution for Americans across the nation, Your Content has brought a voice to those the media failed to acknowledge.

This story you’ve just finished was funded by our readers and we hope it inspires you to make a gift to Your Content so that we can publish more reports like this one that holds people in power to account and produces real change.

Your donation will help us ensure that we can continue this critical work. We are busier than ever covering stories you won’t see anywhere else.

BREAKING: Man Shoots MOTHER AND FATHER in Montgomery County, Parents Airlifted to Trauma Center

Police in New Hanover Township are swarming the 2900 block of Reifsnyder Road after a man shot his mother and father.

Police Officer SHOT in St. Louis‘ College Hill Neighborhood, Gunman at Large

An officer was injured in a shooting in St. Louis' College Hill neighborhood.

Coatesville Police Responding to Freak Motorcycle Accident, Reports of 1 Dead on Route 82 Nearby Marriott

The fatal accident involving a motorcycle was in the area of Route 82 at the Route 30 bypass, according to police.

Shots Fired Inside an Indiana Mall, Shoppers Stampede to Safety

Shots have been fired inside an Indiana mall on Saturday after footage showed terrified shoppers sprinting away.

Two Dept. of Children and Family Services Staffers Charged in AJ Freund Investigation

Both men were taken into custody and transported to the McHenry County jail Thursday.

At Least A Dozen Injured After NJ Transit Bus Slams Into Divider Nearby Lincoln Tunnel

More than a dozen people were injured Saturday morning when a bus slammed into the divider of the Lincoln Tunnel.

Hurricane Laura Could Be the Most Devastating Storm to Hit Louisiana Since 1851

Hurricane Laura is headed full throttle towards Louisiana — and it could be the most destructive storm in 169 years.

Fort Hood Soldier Found Dead, Hanging on Tree in Texas

The body of a missing soldier is believed to have been found about 30 miles from Fort Hood.

Stay Informed & Get Your Content, Daily.

To be updated with all the latest news, offers and special announcements.

Your Content is a 501(c)(3) non-profit national American media organization of artists and journalists headquartered in Pennsylvania.