By: Jeff Sommes
A federal judge sentenced a Cherry Hill man to 48 months in prison for defrauding a victim of almost $2 million in connection with a fraudulent investment scheme, U.S. Attorney Philip R. Sellinger announced.
According to federal officials, Frank N. Tobolsky, 60, previously pleaded guilty before U.S. District Judge Noel L. Hillman to one count of wire fraud. Judge Hillman imposed the sentence today in Camden federal court.
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 of personal expenses.
In addition to the prison term, Judge Hillman sentenced Tobolsky to three years of supervised release and ordered him to pay the victims $1.98 million in restitution.