By Tony Hanson

PHILADELPHIA (CBS) - A Glassboro, NJ man has pleaded not guilty to a multi-million dollar loan fraud linked to hundreds of low-income properties in Kensington and Port Richmond. The defendant allegedly cheated banks through a series of allegedly fraudulent claims and forged leases.

The defense contends it was a business deal gone sour, not fraud.

The judge ordered Robert Coyle’s release on unsecured bond, rejecting a motion by prosecutor Mary Crawley that Coyle post a Jersey property worth nearly $300,000 as collateral.

“The government believes it would be appropriate in a case of this size, where the forfeiture sought is approximately $10 million and the restitution is an amount of approximately $7 million.”

Defense attorney Jeffrey Miller says the business collapse has resulted in finger-pointing and name-calling, saying some people have called his 67-year-old client a slumlord, and Coyle is hurt by that.