Cherry Hill Man Swindled Victim Out Of $2.4M: Feds

CHERRY HILL, NJ — A Cherry Hill man has been arrested after 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, was arrested on charges of wire fraud on Tuesday, 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.

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, authorities said.

Tobolsky was charged with eight counts of wire fraud. If convicted, he 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.