- Associated Press - Wednesday, August 31, 2016

PHILADELPHIA (AP) - A Philadelphia bar owner and former stockbroker has pleaded guilty to federal charges that he defrauded clients out of more than $400,000.

The Philadelphia Inquirer (https://bit.ly/2cbFqIP ) reports that 47-year-old William Boyle of Bala Cynwyd entered the plea Tuesday to all charges including mail, wire, and securities fraud.

Prosecutors said he likely faces about four years in prison at his November sentencing.

Boyle admitted he spent almost all of his clients’ money on himself, including giving some to his wife and ex-wife, paying his children’s tuition, and buying and renovating a bar.

He also admitted he continued to represent himself as a stockbroker and investment adviser for six years after his licenses were suspended and he was permanently barred by the Financial Industry Regulatory Authority.

Boyle’s attorney says he’s “greatly remorseful.”


Information from: The Philadelphia Inquirer, https://www.inquirer.com

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