Downingtown Scam Artist Sentenced To Four To 10 Years In State Prison

WEST CHESTER, PA —A 45-year-old Downingtown man posing as an investment advisor was sentenced in the Chester County Justice Center this week to four to 10 years in state prison for swindling nearly $750,000 from three seniors.

Michael Siciliano pleaded guilty before Judge Allison Bell Royer to deceptive business practices and related charges.

Police said Siciliano, who was a licensed insurance agent, pretended to be a financial advisor, soliciting three of his insurance clients to invest in a fake company, Valley Forge Planning Partners LLC.

Chester County District Attorney Deb Ryan said Siciliano was a scam artist who violated the trust of his elderly clients, swindling them of their entire life savings for retirement.

According to Tredyffrin police:

In November 2015, Michael Siciliano provided assistance in purchasing medical insurance and advice on medical issues to clients who later became victims.

Siciliano was not a licensed investment advisor and his company was not a licensed investment operation.

This scheme began in November 2015, when the three victims gave the defendant personal checks that were deposited in the Valley Forge Planning Partners bank account, where the money was supposed to be managed for the benefit of the victims.

Instead, police said, the money was dispersed to his various personal accounts for his personal benefit.

Police said Siciliano also used one of the victim’s credit cards to make over $59,000 in unauthorized purchases and withdrawals.

Police said the victims did not receive reports of account valuations that were supposed to be provided. Siciliano also failed to file tax reports.