Gladwyne Developer Pleads Guilty to Massive Bank Fraud

Fifty-year-old Gladwyne real estate developer Michael Pouls, whose six-bed, eight-and-a-half bath McMansion was once featured on MTV’s Teen Cribs, pleaded guilty yesterday to defrauding two banks for $13 million. Back in 2007, Pouls was seeking loans from National Penn and Wilmington Trust, but only had $3,000 in the bank. So he created some false documents, claiming he was worth $28 million. This is the latest in a series of morally bankrupt maneuvers: You may also remember Pouls from the time he got his daughter’s teacher fired from the Baldwin School in exchange for a hefty donation. [Philly.com]

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