Crime & Safety
Cherry Hill Man Admits Swindling Victim Out Of $2.4M: Feds
Frank Tobolsky admits he stole $2.4 million from a victim who thought he was helping Philadelphia season ticket holders, authorities said.
CHERRY HILL, NJ — A Cherry Hill man has admitted to stealing $2.4 million that he promised the victim was going into an investment to help season ticket holders for an unnamed Philadelphia sports team, federal authorities announced.
Frank N. Tobolsky, 59, pleaded guilty to one count of wire fraud, Acting U.S. Attorney Rachael A. Honig announced.
Tobolsky initially approached the victim with a request to invest a business that would loan money to season ticket holders who owned seat licenses for a professional sports team in Philadelphia in 2013, according to documents filed in the case and statements made in court.
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Tobolsky said the seat licenses would be used as collateral to secure the loans, according to officials. However, Tobolsky didn't use the $2.4 million the unnamed victim sent him to invest in the business, according to authorities.
Instead, Tobolsky spent a "substantial portion" of that money on personal expenses, including gambling at various casinos, authorities said. Read more here: Cherry Hill Man Swindled Victim Out Of $2.4M: Feds
Find out what's happening in Cherry Hillfor free with the latest updates from Patch.
Tobolsky faces up to 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. He is scheduled to be sentenced on Feb. 10, 2022.
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