Philadelphia Bar Owner And Former Investment Advisor Sentenced To 78 Months And Ordered To Pay 429,000 Restitution For Defrauding Clients In Order To Purchase A South Street Bar
William Joseph Boyle, 47, of Bala Cynwyd, Pennsylvania, was sentenced today to 78 months and ordered to pay $429,000 in restitution, 3 years supervised release, $1000 special assessment, and forfeiture of $415,000. following his convictions on five counts of mail fraud, three counts of wire fraud, one count of securities fraud, and one count of investment adviser fraud, announced United States Attorney Zane David Memeger.
Boyle had previously pled guilty and admitted that he continued to hold himself out as a stock broker and investment adviser even after his licenses were suspended and after he was permanently barred by FINRA from working as a stock broker or otherwise associating with a firm that sold securities to the public. Boyle also admitted that he failed to disclosing to his clients that he had been barred and his licenses suspended, and also that he defrauded clients, most of whom were elderly, out of over $400,000, convincing them to invest with him and utilize his services as a financial adviser and promising to invest their money in stocks, Pennsylvania municipal bonds, interest bearing investments, and real estate, while in reality Boyle spent almost all of their money on himself, including giving client money to his wife and ex-wife, paying his children’s Catholic school tuition, and purchasing, renovating, and operating a bar called “The Blarney South Bar and Grille,” located on South Street in Philadelphia (which Boyle renamed “The Boyler Room,” after himself).
At the sentencing hearing, several of Boyle’s victims spoke about the economic and emotional harm they suffered as a result of Boyle’s fraud.
The case was investigated by the Department of Homeland Security Investigations, and is being prosecuted by Assistant United States Attorney Michael S. Lowe.