WILMINGTON, Del. — A prominent Delaware developer has been sentenced to 21 months in prison for fraud.
Seventy-five-year-old Joseph Capano 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.