Bala Cynwyd Man Conned Customers To Open Bar
by Kim Glovas
PHILADELPHIA (CBS) -- A Bala Cynwyd financial adviser has been indicted for bilking hundreds of thousands of dollars out of clients, to bankroll the opening of a South Street bar.
Assistant US Attorney Mike Lowe says 53-year-old William Boyle faces 10 counts of fraud for victimizing his clients over a 7-year period.
"Most of his clients were elderly and he took the money and spent it on himself. He paid his kids Catholic school tuition, he wrote checks to his wife, to his ex-wife, to himself, and most of the money went to buy a bar that he purchased on South Street, that he renamed 'The Boyler Room' after himself," said Lowe.
Lowe says Boyle also used some of the clients funds to make payments to earlier clients, to make them believe their investments were profitable.
If convicted, Boyle could face a possible 5 years in prison and be required to make $400,000 in restitution to his victims.