Pa. Man Gets Jail Time For Money Laundering, Wire Fraud

RICHBORO, Pa. (CBS) – A Pennsylvania man has been sentenced to 48 months in prison for wire fraud and money laundering.

Fifty-year-old David Rothman, of Richboro, was the Vice President of Rothman Securities, Inc. (RSI), an investment brokerage firm located in Southampton, Pa., when he allegedly embezzled from a 92-year-old RSI client and several trusts for which he was named a trustee.

Officials say Rothman then used the money for personal expenses and to pay his family, friends and other clients. Rothman also created bogus documents and stories to deceive his victims and clients and to lull them into "a false sense of security."

Rothman, who is a Penn State graduate and who made $600,000 in 2011, pleaded guilty to the charges in March 2013.

In addition to 48 months in jail, Rothman was ordered three years of supervised release and to pay restitution of $505,831.09.