Created on Wednesday, 15 December 2010 09:31
A Montgomery County man is accused of defrauding homeowners out of millions of dollars through a mortgage foreclosure rescue scheme and using the money to live a lavish lifestyle. 31-year-old Anthony DeMarco of Conshohocken is charged with bank fraud and other offenses. A federal indictment says he offered to buy homes from people facing foreclosure and allow them to stay there and pay rent into escrow accounts until they got back on their feet financially, and then they could buy them back. In reality, the indictment says, he put the money into bank accounts for his real estate companies in Philadelphia and King of Prussia and stole $11 million. But his big spending caught up with him, and in April he declared bankruptcy.