Philadelphia landlord pleads guilty to $10M loan fraud

A businessman who owned or rented more than 300 properties in Kensington and Port Richmond pleaded guilty today to two counts of loan fraud, the U.S. Attorney's Office said.

Robert Coyle, Sr., 67, of Glassboro, faces a possible maximum sentence of 60 years in prison, $2 million in fines, and restitution to tune of $10 million to the defrauded banks.

Prosecutors said Coyle has agreed to pay restitution to individuals who had entered into rent-to-own, house swap, or similar ownership agreements with the defendant or his companies for properties that were pledged as collateral in the loan scheme.

U.S. District Court Judge Stewart Dalzell has scheduled a sentencing hearing for Jan. 4.