Prominent Delaware developer gets 21-month prison sentence for fraud
Joseph L. Capano admitted to using loan proceeds meant for the Riverbend development in New Castle for personal purchases. (image via GoogleMaps)
Seventy-five-year-old Joseph Capano was sentenced on Wednesday in U.S. District Court. He pleaded guilty in March to bank fraud and a violation of the Clean Water Act.
Capano admitted using loan proceeds intended for a housing development in New Castle for personal purchases. He also admitted knowingly filling wetlands without a permit.
His actions led the Riverbend development in New Castle to be foreclosed upon. Capano had promised hundreds of high-end homes in the community, but now it’s nearly empty.
Capano’s attorney, Eugene Maurer, tells The News Journal of Wilmington that he’s grateful the judge gave his client a shorter sentence than federal guidelines called for, citing Capano’s poor health.
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