A Pennsylvania attorney pled guilty to his involvement in an allegedly fraudulent investment scheme that Federal prosecutors say cost his clients $2.7 million.
Investigators say the 60-year-old man sold his clients what he claimed were shares in two holding companies over the course of several years. According to investigators, the fraudulent sales began in 2012 and continued through last year. Ultimately the fraudulent scheme netted over two million dollars from an unspecified number of clients.
Per investigators, the funding ostensibly meant for stock purchases actually went to help the defendant finance several purchases that benefited him alone. They say he made mortgage payments with the funds, paid tuition for his children, and paid several different utility bills as well.
Last week the defendant stood in the chambers of U.S. District Judge Edward G. Smith of the Eastern District of Pennsylvania and pled guilty to one count of conspiracy to commit securities fraud and wire fraud, two counts of securities fraud, and four counts of wire fraud. Sentencing on the plea is scheduled to take place in the same courtroom in early August.