The federal courthouse at Sixth and Market Street, Philadelphia, Read more HEATHER KHALIFA / Staff Photographer

by Joseph N. DiStefano Published Sept. 23, 2025, 3:33 p.m. ET

A North Wales man who managed money for wealthy families has been sentenced to four years in federal prison for fraudulently persuading two private credit firms into lending him a total of $72 million, which he said he would use to buy insurance companies.

Joshua William Coleman, 39, admitted to forging documents to show lenders he was buying the companies he promised during 2020-2022.

At his sentencing in federal court Tuesday, Coleman told Judge Kelley Brisbon Hodge that he got only one of the promised deals done. He used the remaining $61 million to cover losses from an energy deal and other busines

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