Former Investment Adviser Convicted Of Using Clients' Money To Buy South Street Bar

PHILADELPHIA (CBS) -- A former investment adviser has been sentenced to more than six years in prison and ordered to pay hundreds of thousands in restitution for defrauding clients to buy a bar on South Street.

William Joseph Boyle, 47, of Bala Cynwyd, Pennsylvania, was sentenced on Wednesday to 78 months behind bars and ordered to pay $429,000 in restitution for using his clients' money to buy and operate a bar called The Blarney South Bar and Grille on South Street. He later renamed the bar The Boyler Room.

Boyle also used his clients' money to give to his wife and ex-wife, and also paid his children's Catholic school tuition.

Boyle pled guilty and admitted to defrauding clients, most of whom were elderly, out of over $400,000. His licenses as a stock broker and investment adviser were suspended at the time.

Several of Boyle's victims spoke about the economic and emotional pain they went through because of his crimes.

Boyle was convicted on five counts of mail fraud, three counts of wire fraud, one count of securities fraud, and one count of investment adviser fraud.