Cherry Hill Man Sentenced to Four Years in Prison for Role in $2M Fraudulent Investment Scheme

A Camden County man was sentenced today to 48 months in prison for defrauding a victim of almost $2 million in connection with a fraudulent investment scheme, U.S. Attorney Philip R. Sellinger announced on November 17, 2022.

Frank N. Tobolsky, 60, of Cherry Hill, previously pleaded guilty before U.S. District Judge Noel L. Hillman to one count of wire fraud. Judge Hillman imposed the sentence today in Camden federal court.

According to documents filed in this case and statements made in court:

Beginning in 2013, Tobolsky raised money from a victim, purportedly as an investment that would loan money to season ticket holders who owned seat licenses for the Philadelphia Eagles.

The seat licenses would be used as collateral to secure the loans. The victim sent Tobolsky approximately $2.4 million to invest in the purported business venture.

The money was not used for loans to season ticket holders. Instead, Tobolsky used a substantial portion on personal expenses.

In addition to the prison term, Judge Hillman sentenced Tobolsky to three years of supervised release and ordered to pay $1.98 million in restitution to the victims.

U.S. Attorney Sellinger credited postal inspectors of the U.S. Postal Inspection Service, Philadelphia Division, under the direction of Acting Inspector in Charge Raimundo Marrero, with the investigation leading to today’s sentencing. He also thanked the U.S. Attorney’s Office for the District of Delaware for assisting in the investigation.

The government is represented by Assistant U.S. Attorney Jeffrey Bender and Special Assistant U.S. Attorney John Crockett of the U.S. Attorney’s Office in Camden.