PENNSYLVANIA (WTAJ) — A Montgomery County man was sentenced to four years in prison for allegedly stealing roughly $72 million from lenders.
According to United States Attorney David Metcalf, Joshua Coleman, 39, of North Wales, was sentenced to four years in prison and three years of supervised release. In August 2023, Coleman was charged with four counts of wire fraud and pleaded guilty in September. He’s also been ordered to pay $57,239,616.90 in restitution.
From Aug. 2020 to June 2022, Coleman deceived two lenders into loaning approximately $72 million. He told lenders that the money would be used to purchase insurance companies, but of that $72 million, Coleman only used $10.9 million to buy insurance companies. He used the remaining $61 million to pay for personal expenses, business debts, and other companies that he owned and controlled…