35°
William C. Huyler III, of West Chester, pleaded guilty last December to stealing $1.4 million in from eight Homeowner Associations (HOAs) located across Chester County, Montgomery County, New Jersey, Chester County District Attorney, Deb Ryan said.
While awaiting sentences for that case, Huyler was slapped with theft by deception, forgery and more charges for fraudulently securing Small Business Administration (SBA) loans from Wilmington Savings Fund Society, totaling $1.25 million, according to Ryan.
"The defendant’s greed is unparalleled," Ryan said. "He took advantage of a multitude of victims and betrayed their trust for his own financial benefit.
"Our detectives have worked tirelessly over the past two years to account for all his illegal activities. My office will hold him accountable for every dollar and prosecute him to the full extent of the law.”
Beginning in May 2017, Huyler -- the principal owner of East Hill Property Manangement, LLC (EHPM) -- sought an SBA loan from Wilmington Savings Fund Society for $750,000, Ryan said.
He secured with a life insurance policy worth the same amount, falsely portraying EHPM as a successful property management firm catering to HOAs across the region that wanted to expand, the DA said.
Huyler projected first-year profits upwards of $500,000 and second-year profits more than $900,000, Ryan said.
He submitted false financial documents and tax returns to support his application, which showed significant past and future growth for EHPM, authorities said.
In reality, the company had become so unprofitable in early 2017 that Huyler embezzled nearly $1.4 million from his HOA clients, according to the DA.
The terms of the $750,000 loan specified that the funds be used to refinance an existing First Home Bank debt, building improvements, and nearly $300,000 in working capital, authorities said.
The loan was approved on Aug. 29, 2017. The following day, Huyler sought a second SBA loan to finance two new businesses, East Hill Real Estate and Creighton Financial.
Since both were startup companies, no earnings reports were included in the application, only projections, according to the DA. Huyler secured this loan with a second lien on his residence in West Chester, which already had an $845,000 lien against it, Ryan said.
Further, Huyler managed to get another $155,000 mortgage with BOFI Federal Bank after WSFS had completed its title search, authorities said. The $500,000 SBA loan was approved on Apr. 12, 2018.
Huyler was released on $250,000 unsecured bail. His preliminary hearing is set for Mar. 17, 2021 at 11 a.m.
Chester County Detective Lieutenant Robert Dougherty handled the investigation. Prosecutors Ron Yen and John McCaul are assigned to the case. Anyone with further information concerning this investigation is asked to call the Chester County Detectives at 610-344-6866.
Click here to follow Daily Voice Hamilton Township and receive free news updates.
