$13M Fraud by 'Teen Cribs' Dad, Feds Say
Michael Pouls of Gladwyne reportedly "accepts responsibility for his wrongs."
The U.S. Attorney's Office in Philadelphia on Thursday charged a Gladwyne real estate developer with misrepresenting his wealth to help him get $13 million in real loans.
Michael Pouls, 50, fraudulently induced National Penn Bank in 2007 and the former Wilmington Bank in 2008 to lend him the money, United States Attorney Zane David Memeger said in a statement to media. He allegedly claimed, falsely, that he had $28.5 million in TD Ameritrade accounts that truly contained about $3,000.
Pouls' Mirabeau Lane home—and his daughter and her friends—once appeared on the MTV show Teen Cribs. The house is on the market for $3.8 million, down from an asking price of $17 million.
Pouls faces up to a $3,250,000 fine and 110 years in prison, though sentencing guidelines call for less than a seven-year stint.
The Philadelphia Inquirer reported Pouls' attorney says her client "accepts responsibility for his wrongs, which he ceased voluntarily long ago and has been working hard to rectify."
A document of the full charges against Pouls is attached to this article.