Feds: George Barnard, 45, defrauded banks, homeowners of $13 million
A 45-year-old Newtown Square man with a taste for luxury has been indicted by a federal grand jury in Philadelphia for defrauding banks and homeowners out of $13 million in a series of mortgage-finance schemes to pay for his lavish lifestyle.
George Barnard was charged with 24 counts of wire fraud, four counts of bank fraud, and three counts of filing a false tax return.
The indictment charges that Barnard, one of two owners of Capital Financial Mortgage Corp., from 2005 through 2013 refinanced mortgages for clients, but instead of using the money to pay off existing loans and fund new mortgages, kept it for himself.
As a result, dozens of homeowners were stuck paying two mortgages, the new, "refinanced" loans on their houses and the old mortgages, which were never paid off, the indictment said.
Read more: http://www.philly.com/philly/news/20160717_Feds__George_Barnard__45__defrauded_banks__homeowners_of__13_million.html
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That should the charges be found true in court, he needs to pay everyone full restitution. 
