A Cherry Hill man today admitted defrauding a victim of almost $2 million in connection with a fraudulent investment scheme, Acting U.S. Attorney Rachael A. Honig announced.
According to Acting U.S. Attorney Honig, Frank N. Tobolsky, 59, of Cherry Hill, pleaded guilty to one count of wire fraud.
According to documents filed in this case and statements made in court:
Beginning in 2013, Tobolsky raised money from a victim, purportedly as an investment that would loan money to season ticket holders who owned seat licenses for the Philadelphia Eagles.
The seat licenses would be used as collateral to secure the loans. The victim sent Tobolsky approximately $2.4 million to invest in the purported business venture.
The money was not used for loans to season ticket holders. Instead, Tobolsky used a substantial portion on personal expenses.
Sentencing is scheduled for February 10, 2022.