Two Individuals Admit Conspiring with Convicted Ponzi Schemer and Others to Defraud Investors of Tens of Millions of Dollars
CAMDEN, N.J. – A Camden County, New Jersey, man was arrested by federal agents today on charges of wire fraud, Acting U.S. Attorney Rachael A. Honig announced.
Frank N. Tobolsky, 59, of Cherry Hill, New Jersey, is charged by indictment with eight counts of wire fraud in connection with a fraudulent investment scheme. He will be arraigned today before U.S. Magistrate Judge Ann Marie Donio 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 a professional sports team in Philadelphia, Pennsylvania. 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 charges of wire fraud each carry 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 greater.
Acting U.S. Attorney Honig credited inspectors of the U.S. Postal Inspection Service, Philadelphia Division, under the direction of Inspector in Charge Damon Wood, with the investigation leading to the charges. She also thanked the U.S. Attorney’s Office for the District of Delaware for assisting 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.
The charges and allegations contained in the indictment are merely accusations, and the defendant is presumed innocent unless and until proven guilty.