Post by Logan on Jun 9, 2016 0:03:09 GMT -6
Ex-Philly stockbroker admits defrauding olive-oil investors of about $3M
A former Philadelphia stockbroker pleaded guilty Wednesday to securities fraud and related charges for taking about $3 million from investors for a nonexistent import business and other ventures.
William Bucci, 59, told people he was going to import high-end olive oil and wine from Italy, and promised other investment ventures. He also induced people to loan him money for a Jersey Shore house. But, according to prosecutors, he used the money mostly for his own expenses.
Bucci, who lives in the city but worked in the suburbs, paid back some early investors in part with money he received from later lenders. The amount of his actual fraud remains in dispute.
He remains out on bail and is to be sentenced by U.S. District Judge Joel Slomsky on Nov. 17.
Read more at www.philly.com/philly/news/20160609_Ex-Philly_stockbroker_admits_defrauding_olive-oil_investors.html
A former Philadelphia stockbroker pleaded guilty Wednesday to securities fraud and related charges for taking about $3 million from investors for a nonexistent import business and other ventures.
William Bucci, 59, told people he was going to import high-end olive oil and wine from Italy, and promised other investment ventures. He also induced people to loan him money for a Jersey Shore house. But, according to prosecutors, he used the money mostly for his own expenses.
Bucci, who lives in the city but worked in the suburbs, paid back some early investors in part with money he received from later lenders. The amount of his actual fraud remains in dispute.
He remains out on bail and is to be sentenced by U.S. District Judge Joel Slomsky on Nov. 17.
Read more at www.philly.com/philly/news/20160609_Ex-Philly_stockbroker_admits_defrauding_olive-oil_investors.html