Feds: Ousted Montco stockbroker defrauded clients for 6 more years, bought a South Street bar
A former Montgomery County stockbroker has been indicted on fraud charges, accused of swindling clients - many elderly - out of $415,000 and spending their money on himself, his family, and to buy a bar on Philadelphia's South Street, the U.S. Attorney's Office said Friday.
A former Montgomery County stockbroker has been indicted on fraud charges, accused of swindling clients - many elderly - out of $415,000 and spending their money on himself, his family, and to buy a bar on Philadelphia's South Street, the U.S. Attorney's Office said Friday.
William Joseph Boyle, 47, of Bala Cynwyd, was indicted Thursday on five counts of mail fraud, three counts of wire fraud, and one count each of securities fraud and investment adviser fraud.
Boyle was permanently barred from working as a stockbroker and investment adviser in March 2009. But according to the indictment, he continued through December 2015 representing himself to clients as a licensed broker and adviser who was operating his own firm, Life Financial Planning, in Bala Cynwyd.
Boyle obtained about $415,000 in client funds, which he was supposed to invest, but instead used the funds for himself, gave money to his wife and ex-wife, paid his children's Catholic school tuition, and bought and renovated the Blarney South Bar and Grille, at 328 South St. in Queen Village, which he renamed the Boyler Room, the indictment says. It also says he used client money to buy a liquor license for the bar.
Efforts to reach Boyle on Friday were not successful, and a call to the Boyler Room went unanswered.
The indictment also alleges that Boyle used some of his clients' money to make payments to earlier clients who had invested, thereby making those earlier clients believe their investments were safe and profitable.
According to the Financial Industry Regulatory Authority, Boyle had been permanently barred from working as a stockbroker and investment adviser in March 2009 after he had allegedly misappropriated $611,013.89 from customer accounts when he worked at Legg Mason Wood Walker in Baltimore, and Citigroup Global Markets in Bryn Mawr.
He was accused by the regulatory authority of using the funds for his own benefit. Boyle neither admitted nor denied the allegations, but consented to being barred.
Boyle had also previously worked as a stockbroker for Janney Montgomery Scott in Radnor.
He could face about six years in prison if convicted.
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