CAMDEN – A Cherry Hill man has admitted stealing nearly $ 2 million in a scam based on non-existent Philadelphia Eagles game seats, federal authorities say.
Frank N. Tobolsky, 59, allegedly persuaded an investor to provide cash to borrow people who held licensed offices at Lincoln Financial Field in South Philadelphia, according to the New Jersey Attorney’s Office.
The victim was told that borrowers would pledge their seat licenses as security for loans, the federal prosecutor said.
But there are neither borrowers nor seat licenses, said the US prosecutor.
“Instead, Tobolsky used a significant portion (of the investor’s cash) on personal expenses,” the statement said.
The investor, identified only as a Delaware man, provided Tobolsky with approximately $ 2.4 million, according to an indictment. Tobolsky returned some of the money to the victim, claiming it was a return on his investment.
Tobolsky was a lawyer in Merchantville while the fraud allegedly ran from November 2013 to May 2016, the indictment states.
Tobolsky was fired in 2018 after discovering he had embezzled $ 32,000 in trust funds. He cited gambling addiction and depression as a defense against lockdown, according to the State Supreme Court Disciplinary Committee.
Tobolsky admitted guilty of wire fraud charges on Monday.
U.S. District Judge Noel L. Hillman set the conviction for February 10, 2022 in Camden Federal Court.
Jim Walsh reports on public safety, economic development, and other topics for the Courier-Post, Burlington County Times, and The Daily Journal.
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