.

$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.

Hava Nigela October 20, 2012 at 01:02 PM
Your daughter must be proud of you! Enjoy the pinstripes....
Barbara HInkle October 27, 2012 at 04:50 PM
what a great dad
wise man December 24, 2012 at 08:06 PM
Michael pouls: He's a complete fraud. They ran away to LA to avoid the limelight. He is back to his old games again now. He owes so much money between the USA ,the banks and the governement again, he's done. He continues to hide behind other people in his new ventures. I knew him from the Baldwin days. He and his wife look down on people but now are looking at 7 years in the federal pokey.
Connie Whitlock May 21, 2013 at 03:18 AM
I knew him when he owned the small credit card company 4 C's. His representatives marketed several banks to the college students for obtaining multiple credit cards at one time. That practice left the college students in heavy credit card debt many had to file bankruptcy. He became rich from this. He thought he was above the law. I hope he gets the prison time he deserves. He has ruined so many lives and their financial futures.

Boards

More »
Got a question? Something on your mind? Talk to your community, directly.
Note Article
Just a short thought to get the word out quickly about anything in your neighborhood.
Share something with your neighbors.What's on your mind?What's on your mind?Make an announcement, speak your mind, or sell somethingPost something