PHILADELPHIA, PA — A Montgomery County man who defrauded two lenders of tens of millions of dollars has been sentenced to four years in federal prison and ordered to pay more than $57 million in restitution, federal prosecutors said Tuesday.
Joshua Coleman, 39, of North Wales, was sentenced by U.S. District Judge Kelley Brisbon Hodge to 48 months in prison, three years of supervised release, and $57,239,616.90 in restitution, according to U.S. Attorney David Metcalf. Coleman pleaded guilty in 2023 to four counts of wire fraud tied to a scheme in which he obtained roughly $72 million in loans under false pretenses.
Prosecutors said that between 2020 and 2022, Coleman misled two lenders about his plans to purchase insurance companies, but diverted much of the funding for personal expenses, business debts, and unrelated ventures. Of the $72 million obtained, only about $10.9 million went toward buying insurance companies.
According to court filings, Coleman used $20.2 million from one loan to repay two former clients whose assets he had previously misused without consent. Later, he secured nearly $48 million from a second lender after submitting falsified documents, including forged lien termination forms. Prosecutors said he misappropriated more than $36 million of those funds, with $11.5 million used to pay back the first lender.
“Coleman brazenly lied to his lenders, falsifying documents and forging signatures to help conceal his scheme,” Metcalf said in a statement. “Instead of using the funds as intended, he spent most of those millions paying off business debts and for personal expenses.”
Wayne A. Jacobs, Special Agent in Charge of the FBI’s Philadelphia Field Office, said the sentence demonstrates the government’s resolve to pursue financial fraud cases. “This sentencing reflects our commitment to holding accountable those who seek personal profit through lies and deceit,” Jacobs said.
The FBI and the Federal Housing Finance Agency Office of Inspector General investigated the case with assistance from the Securities and Exchange Commission, which also filed civil charges. The case was prosecuted by Assistant U.S. Attorneys Anita Eve and Francis Weber.
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