A Center City real estate agent has pleaded guilty to charges that he misled investors to obtain more than $3 million in loans for renovation projects that didn't exist and instead used the money to gamble on sports and cover other personal expenses, federal prosecutors said.

Jonathan Barach, 46, was charged in August with wire fraud and other offenses stemming from the loan scheme that targeted individuals and businesses.

Barach, who co-founded and served as the principal agent for the Barach Group, allegedly solicited loans for short-term financing opportunities meant to support builders and contractors on projects that ranged from flipping distressed properties to completing full renovations.

Between July 2017 and April 2021, prosecutors said Barach raised more than $3 million from l

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