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Press Release

Delaware County Man Charged In Mortgage Fraud Conspiracy

For Immediate Release
U.S. Attorney's Office, Eastern District of Pennsylvania

Thomas C. Phelan, 34, of Wayne, PA, is charged by Indictment, unsealed today, with participating in a mortgage fraud conspiracy involving more than five properties and more than $1 million in fraudulent loan proceeds, announced United States Attorney Zane David Memeger. Phelan is charged with one count of conspiracy to commit loan and wire fraud, and three counts of loan fraud and one count of wire fraud.

If convicted the defendant faces a maximum possible sentence of 115 years imprisonment, a five year period of supervised release, $4,250,000 fine and a $500 mandatory special assessment.
The case was investigated by the Federal Bureau of Investigation and is being prosecuted by Assistant United States Attorney Joan E. Burnes.

Click here to view the indictment

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PATTY HARTMAN, Media Contact, 215-861-8525

Updated December 15, 2014