Three Sentenced For Multi-Million Dollar Fraud Scheme
Dennis and Bernadette Nicholas, of Newtown Square, were among three people sentenced for engaging in schemes to defraud Wilmington Trust Federal Savings Bank and Malvern Federal Savings Bank.
PHILADELPHIA–Dennis Nicholas, 62, Bernadette Nicholas, 64, both of Newtown Square, PA, and Kevin McAllister, 59, of Drexel Hill, PA, were sentenced on Feb. 13 for engaging in schemes to defraud Wilmington Trust Federal Savings Bank and Malvern Federal Savings Bank that involved properties valued at more than $35.5 million. Dennis Nicholas was sentenced to 72 months in prison; Bernadette Nicholas was sentenced to 42 months in prison; McAllister was sentenced to 20 months in prison. In addition to the prison terms, U.S. District Court Judge Legrome D. Davis ordered Bernadette Nicholas and Kevin McAllister to jointly pay restitution to Wilmington Trust in the amount of $2.5 million; ordered Bernadette Nicholas to pay restitution to Malvern …
Tammy
5:56 pm on Monday, February 18, 2013
Peanuts~ I do agree that at least their children are all grown up with their families but I know how much they love their Grandchildren but luckily they are so young and will have plenty of years to make lots of memories with them. I worked with the Nicholas' when they had their Real Estate office and you are not totally incorrect but they actually never STOLE deposit monies from Buyers, I … more ›