Bucks county real estate investment fraudster sentenced to five years

BUCKS COUNTY, PA – United States Attorney William M. McSwain announced that Dean Rossi, 55, of Warrington, PA, was sentenced to five years in prison, four years of supervised release, and was ordered to pay $2.85 million in restitution and $1.38 million in forfeiture by United States District Judge Joel H. Slomsky, for devising and participating in schemes to defraud three financial institutions out of millions of dollars.

Rossi was convicted at trial in March 2018 on seven charges: one count of conspiracy to commit mail fraud affecting a financial institution and bank fraud; one count of mail fraud affecting a financial institution; three counts of bank fraud; and two counts of loan fraud.

From at least December 2006 until about March 2012, Rossi and his co-conspirators participated in schemes to defraud Nova Bank, First Cornerstone Bank, and Leesport Bank, which later became VIST Financial Bank, out of more than $4.15 million in connection with multiple real estate closings for small residential properties in working class neighborhoods in the Philadelphia area. In each scheme, the defendant conspired with others to obtain fraudulent mortgage loans and made misrepresentations regarding the disbursement of those funds and his income. The defendant also falsified numerous documents, including tax returns and HUD-1 settlement sheets. Although the banks were able to mitigate some of their fraud losses, the banks and their insurers still suffered losses exceeding $2.85 million. Rossi personally pocketed a total of $1.38 million.

“The scope and duration of Rossi’s fraud are simply stunning,” said U.S. Attorney McSwain. “He stole millions of dollars from bank lenders and preyed upon residential neighborhoods – and then attempted to cover his tracks with lies. That sort of white collar crime deserves significant prison time, which is what Rossi has earned.”

“Dean Rossi lied on mortgage applications starting in 2006, his lies and greed helped to contribute to the financial meltdown in 2008,” observed Damon Wood, Inspector in Charge of the Philadelphia Division of the Postal Inspection Service. “Over ten years later, after being found guilty at trial, he has finally been sentenced to five years in jail. I want to thank the Postal Inspectors and the Assistant United States Attorneys who stayed with this case for nearly a decade. The Postal Inspection Service has long history of investigating frauds schemes, and we will continue to lead and support investigations into fraud schemes that use the mail.”

The case was investigated by the United States Postal Inspection Service and is being prosecuted by Assistant United States Attorneys Mark Dubnoff and Elizabeth Ray.

Phil Stilton Latest posts

Phil Stilton is the Editor and Publisher of Shore News Network, an independent digital newsroom providing original reporting on New Jersey, national news, government, public policy, public safety, courts, and community affairs.

As founder of the publication, Stilton leads editorial strategy, investigative reporting, and daily newsroom operations while overseeing coverage that reaches millions of readers annually.

With extensive experience covering municipal government, county government, state legislatures, elections, law enforcement, emergency management, and public records, Stilton specializes in translating complex government actions into clear, factual reporting. His work frequently relies on primary source documents, including court filings, legislation, public meeting records, election finance disclosures, government databases, police reports, and Freedom of Information and Open Public Records Act (OPRA) requests. He has reported extensively on local government accountability, taxpayer spending, campaign finance, public corruption investigations, infrastructure, public safety, and the policies affecting New Jersey residents.

Under Stilton's editorial leadership, Shore News Network has grown into one of New Jersey's largest independent digital news organizations, publishing thousands of original news articles each year while providing breaking news coverage, investigative reporting, and analysis across state and local government. The publication's reporting is routinely sourced from official government agencies, public officials, court records, and firsthand documentation, with a commitment to transparency, attribution, corrections when warranted, and clearly distinguishing factual reporting from opinion.

Stilton's journalism follows established newsroom standards emphasizing accuracy, verification, fairness, and accountability. Every effort is made to verify information through official records and multiple reliable sources before publication. His reporting is intended to provide readers with timely, well-documented information that helps them understand the issues affecting their communities, while maintaining editorial independence from political parties, government agencies, advocacy organizations, and commercial interests.

Readers can submit story tips, corrections, public records, or media inquiries through the official Shore News Network website or its verified social media channels. Shore News Network welcomes corrections and updates when new information becomes available as part of its ongoing commitment to accurate and transparent journalism.