A Glen Mills man pleaded guilty on Thursday, Nov. 3, to four counts of bank fraud.
Barry Horrow, 68, admitted repeatedly filing false tax returns for one of his clients, said U.S. Attorney Zane David Memeger in a press release.
Horrow, a certified public accountant, owned and operated his own accounting company, Horrow and Associates, which did business in both Delaware and Chester counties. As part of his guilty plea, Horrow admitted helping George Barnard of Newtown Square, who owned Capital Financial Mortgage Corporation and was charged in a previous indictment, with various offenses stemming from a $13 million scheme to defraud lenders into issuing mortgages for three multi-million dollar New Jersey Shore beach mansions and a yacht, the release said.
The mortgages were based on false tax returns, false audit reports, and other false information. Horrow admitted that he repeatedly inflated Barnard’s income by hundreds of thousands of dollars, knowing that the lenders were going to rely upon the inflated income to approve Barnard’s loan requests, the release said.
Horrow faces a maximum sentence of 120 years’ imprisonment, a five-year period of supervised release, a $4,000,000 fine, a $400 special assessment, and a likely advisory sentencing guideline range of 41 to 51 months’ imprisonment. Horrow also agreed, as part of his plea, to make restitution of more than $2,965,000, the release said.
The case, which was investigated by the FBI, the Department of Housing and Urban Development, Office of Inspector General, and the Internal Revenue Service’s Criminal Investigative Division, is being prosecuted by Assistant U.S. Attorney Michael S. Lowe, the release said.
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