Frank Tobolsky claimed the loans would be secured by the Eagles fan seat licenses
CAMDEN – A man from Cherry Hill has admitted to stealing nearly $ 2 million through a scam based on non-existent seat licenses for Philadelphia Eagles games, according to federal officials.
Frank N. Tobolsky, 59, allegedly convinced an investor to provide money for loans to people who had headquarters licenses at Lincoln Financial Field in south Philadelphia, according to the New Jersey United States Attorney’s Office.
The victim was told that borrowers would pledge their seat licenses as collateral for loans, the federal prosecutor’s office said.
But there were no borrowers or headquarters licenses, the US attorney’s office said in a statement.
“Instead, Tobolsky used a substantial portion (of the investor’s money) for his personal expenses,” the statement said.
The investor, identified only as a Delaware man, provided Tobolsky about $ 2.4 million, according to an indictment. He said Tobolsky returned some of the money to the victim, claiming it was a return on investment.
Tobolsky was a Merchantville lawyer while the scam allegedly took place from November 2013 to May 2016, according to the indictment.
Tobolsky was struck off the bar in 2018 after discovering he had embezzled $ 32,000 in escrow funds. He cited gambling addiction and depression as a defense against delisting, according to the state Supreme Court’s Disciplinary Review Board.
Tobolsky admitted his guilt on Monday to a wire fraud charge.
U.S. District Judge Noel L. Hillman sentenced February 10, 2022 in Federal Court in Camden.
Jim Walsh covers public safety, economic development, and other topics for the Courier-Post, the Burlington County Times, and the Daily Journal.
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