Camden County, NJ, Man Sentenced For $2M Eagles Ticket Fraud Scheme
A man from Camden County has been sentenced to 48 months in prison for defrauding a victim of almost $2 million in connection to a fraudulent investment scheme.
According to U.S. Attorney Philip Sellinger's office, 60-year-old Frank N. Tobolsky of Cherry Hill previously pleaded guilty to one count of wire fraud.
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 phony venture.
Instead of using the money for loans to season ticket holders, Tobolsky used a substantial portion of it for personal expenses.
In addition to the prison term, Tobolsky must serve three years of supervised release and he was ordered to pay $1.98 million in restitution to the victims.