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Justice News

Department of Justice
U.S. Attorney’s Office
District of New Jersey

FOR IMMEDIATE RELEASE
Monday, October 4, 2021

Camden County Man Admits Role in Fraud Scheme

CAMDEN, N.J. – A Camden County, New Jersey, 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.

Frank N. Tobolsky, 59, of Cherry Hill, New Jersey, pleaded guilty before U.S. District Judge Noel L. Hillman in Camden federal court 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.  

The charge of wire fraud to which Tobolsky pleaded guilty carries a maximum penalty of 20 years in prison and a maximum fine of $250,000, or twice the gross loss to any victim or gain to Tobolsky, whichever is greatest. Sentencing is scheduled for Feb. 10, 2022.

Acting U.S. Attorney Honig credited postal inspectors of the U.S. Postal Inspection Service, Philadelphia Division, under the direction of Inspector in Charge Damon Wood, with the investigation leading to today’s guilty plea. She also thanked the U.S. Attorney’s Office for the District of Delaware for assisting in the investigation.

The government is represented by Assistant U.S. Attorney Jeffrey Bender and Special Assistant U.S. Attorney John Crockett of the U.S. Attorney’s Office in Camden.

Topic(s): 
Financial Fraud
Component(s): 
Press Release Number: 
21-445
Updated October 4, 2021