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CPA Hit with Bank Fraud Charges

A Glenn Mll, Pa.-based CPA has been on four counts of bank fraud. Horrow,zΩwho owned the accounting firms, Horrow and Associates accused of helping a client acquire $13 million in mortgage funding by providing clients with tax returns with inflated income.

Horrow's firm, operated in the Pennsylvania counties of Delaware and West Chester, allegedly assisted George Barnard, owner of Capital Financial Mortgage Corporation in defrauding lenders into issuing mortgages for three multi-million dollar New Jersey Shore beach mansions and a yacht.

The Department of Justice charges Horrow repeatedly provided tax returns that inflated Barnard's income by hundreds of thousands of dollars. It was also alleged Horrow claimed to have audited the financial statements of CDMC, but actually conducted no audits and instead submitted false audit reports.

Horrow faces a maximum sentence of 120 years in prison, five years of supervised release, a $4 million fine and a forfeiture of more than $2,966,000. The likely advisory sentencing guideline is for 51 to 63 months in prison.

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