Michael p
Warrington,#2Author of original report
Tue, August 15, 2006
On July 20 2006, a Criminal Complaint Hearing was held at Lower Southampton, Bucks County, Pa District Court. The Defendant, "Rick Cover" was charged with numerous counts of Theft by Deception, Receiving Stolen Goods, and many Violations of the Pennsylvania State Securities Commission laws. After testimony by victims, Law Enforcement Officers and State Investigators, The case against Richard D Cover was held over for Prosecution by The Bucks County DA in Doylestown PA. The Criminal Trial Date is listed for 08-28-06 Case # 20064784 in the Doylestown Courthouse.
Michael p
Warrington,#3Author of original report
Thu, March 30, 2006
Article from Courier Times dated 03-24-06 Man charged in stock scam By MATT COUGHLIN Bucks County Courier Times Authorities believe a Philadelphia man was scamming investors by day and running an illegal casino at night. Lower Southampton police said that over two years 34-year-old Richard Cover of DiMarco Drive illegally sold at least $50,000 worth of stock in his Lower Southampton daycare center. At night he and 10 others, including 45-year-old James R. Coyle III of Durham Place in Bensalem, ran an illegal casino in the Port Richmond section of the city, Philadelphia police said. Cover and Coyle have been charged with misdemeanors for running a gambling ring and conspiracy in connection with the card games they organized inside a warehouse on Castor Avenue. But Cover also faces 96 felony counts of fraud, theft and related offenses in connection with Appletree Day Care Center in Feasterville. Police said there is no indication that the two operations were connected. Coyle declined to comment Thursday and a message left at Cover's home was not returned. Police said Cover's stock scam was up and running by April 2003 when he allegedly convinced a contractor working at the daycare center and the contractor's friend to buy $15,000 worth of stock each in Appletree, according to court records. After a year the two men hadn't received any return on the investment or any statements about their stocks so they went to Lower Southampton police. Police learned Cover's neighbors in Philadelphia also bought $30,000 worth of stock in Appletree and hadn't received any statements or money either. One woman told police that shortly after she wrote Cover a check for $30,000 he took his family to Disney World and bought a Corvette, according to court records. Police said they believe Cover spent significant amounts of the income on things other than the business. After investigating Cover for nearly two years, agents from the Pennsylvania Securities Commission and Lower Southampton police obtained a warrant for Cover's arrest earlier this month. Constables took him into custody at the construction site of his new home on Bridgetown Pike in Lower Southampton, police said. He was arraigned and released on his own recognizance. But a few days later he turned himself into police just a few miles away. The Philadelphia police vice unit had investigated Cover and his partners since October when they received a tip about the illegal casino from city Councilman Frank DiCiccio's office, police said. Undercover members of the vice unit went into the ?casino? and police conducted surveillance for several months before raiding the facility Feb. 23, according to Sgt. Joseph Lanciano. Lanciano said police found about $5,500 cash and about 25 patrons inside. Officers arrested five people for operating the ring, but Cover and Coyle weren't there. Cover and Coyle both turned themselves in later and were released on their own recognizance. Cover is scheduled to appear on April 24 in Lower Southampton District Court to face the fraud charges. Cover and Coyle are both scheduled to appear on May 23 in Philadelphia court. Lower Southampton police said they are still investigating the fraud case and anyone with information should contact Lower Southampton Detective Ted Krimmel or Officer Peter Liese at 215-357-1235. March 24, 2006 8:33 AM