May 13, 2015
David Fili Jr. of Drexel Hill was charged Wednesday with committing fraud in a $9.7 million mortgage scheme, according to the U.S. Attorney's office.
Fili, 45, co-owned Capital Financial Mortgage Corporation (CFMC) in Delaware County from 2005 to 2013. During that time, he allegedly defrauded lenders into buying CFMC mortgages represented as first mortgages that were in reality "worthless" second mortgages.
Fili also allegedly defrauded lenders who loaned money to his company on a warehouse line of credit. Of the approximately $9.7 million he is accused of acquiring through fraud, some of it was allegedly used to pay for a mortgage on his vacation home as well as extensive sports and casino gabling.
A conviction could lead to a substantial prison term, supervised release, full restitution and a fine up to $10.5 million.
Assistant United States Attorney Michael S. Lowe is prosecuting the case, which was investigated by the FBI and the Department of Housing and Urban Development.
Court documents regarding the case can be accessed here.
