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Joseph Capano to be sentenced in fraud case

Fraud Alert:

Longtime developer Joseph L. Capano Sr. will be sentenced Wednesday for federal crimes he committed during the construction of housing in south New Castle.

The sentencing is scheduled for 3 p.m. in U.S. District Court in Wilmington.

Capano – a member of the prominent and notorious Delaware family of businessman, developers and politicians – pleaded guilty in March to one count of bank fraud and one count of knowingly violating the Clean Water Act.

The 75-year-old Middletown resident admitted to personally using at least $146,909.96 in loan proceeds from a line of credit that was earmarked for the construction of the Riverbend at Old New Castle. He also admitted to telling workers to expand an entranceway and place utilities for the development through protected wetland off Del. 9, according to court documents.

He is facing up to 30 years in prison and a fine of $1 million for the bank fraud charge, as well as three years in prison and a $250,000 fine for the Clean Water Act charge.

The plea is just the latest chapter of the Riverbend saga….

Read More: Capano to be sentenced in fraud, wetlands case