Delaware developer gets 21-month prison sentence for fraud
WILMINGTON (AP) — Prominent Delaware developer Joseph Capano has been sentenced to 21 months in prison for fraud.
Capano, 75, was sentenced on Wednesday in U.S. District Court. He pleaded guilty in March to bank fraud and a violation of the Clean Water Act.
Capano admitted using loan proceeds intended for a housing development in New Castle for personal purchases. He also admitted knowingly filling wetlands without a permit.
His actions led the Riverbend development in New Castle to be foreclosed upon. Capano had promised hundreds of high-end homes in the community, but now it’s nearly empty.
Capano’s attorney, Eugene Maurer, described him in pre-sentencing papers as an “old, broken human being” in poor health and not a threat to anyone. He asked for a sentence of home confinement and probation.