Delco Tax Preparer Faces Up To 120 Years In Jail For Bank Fraud: U.S. Attorney

A Delaware County Certified Public Accountant has been charged with multiple counts of bank fraud and faces up to 120 years in prison if convicted, United States Attorney Zane David Memeger announced this week.

Barry Horrow, 68, who operated in both Chester and Delaware counties, has been charged with four counts of bank fraud. Horrow, owner of Horrow and Associates, allegedly provided false tax returns for a Newtown Square client authorities say was involved in a multi-million fraud scheme.

Memeger alleges Horrow "repeatedly" provided false tax returns for George Barnard, 45, who has been charged with various offenses stemming from a $13 million fraud scheme in connection with his company, Capital Financial Mortgage Corporation.

Authorities allege the false tax returns, which inflated Barnard's income by hundreds of thousands of dollars, were submitted to lenders as a basis for loan requests. Horrow purported to conduct audits of Capital Financial Mortgage Corporation. No audits were done, however, and Horrow submitted false audit reports, according to information from Memeger's office.

If convicted, Horrow faces a maximum sentence of 120 years’ imprisonment, a five-year period of supervised release, a $4,000,000 fine, a $400 special assessment, and a likely advisory sentencing guideline range of 51 – 63 months’ imprisonment.

Barnard, a Newtown Square resident, has been charged by indictment with 24 counts of wire fraud, four counts of bank fraud, and three counts of filing a false tax return. Barnard used the money intended to fund mortgage loans for borrowers to fund a lavish lifestyle, authorities allege.