Dismissed lawyer admits stealing nearly $ 2 million in fraud scheme purporting to fund loans to Eagles season ticket holders
A struck off Camden County lawyer pleaded guilty Monday to defrauding a Delaware man of nearly $ 2 million in a scheme purporting to fund loans to Eagles membership holders and then spend the money on gambling in casinos and in personal expenses, according to Interim US Attorney in New Jersey Rachael A. Honig.
Frank N. Tobolsky, 59, of Cherry Hill, pleaded guilty before U.S. District Judge Noel L. Hillman in Camden to one count of wire fraud.
Tobolsky’s lawyer Lisa Lewis, a federal defender, could not be reached for comment.
Honig said in a press release that as of 2013, Tobolsky had raised funds from the victim, allegedly as an investment that would lend money to Eagles season ticket holders who had siege licenses. .
The victim was told that the siege licenses would be used as collateral to secure the loans. The victim sent Tobolsky around $ 2.4 million to invest in the alleged business venture, but the money was not used for loans to season ticket holders. Instead, Tobolsky used a substantial portion of personal expenses, prosecutors said.
He faces a maximum sentence of 20 years in prison and a maximum fine of $ 250,000, or double the loss for any victim or the gain for Tobolsky, whichever is greater. His sentencing is scheduled for February 10.
In 2018, Tobolsky was charged separately by Atlantic County state authorities with theft offenses in an alleged scheme in which authorities claimed to have fraudulently sold an Eagles stadium builder’s license to a victim, then deposited the money into his account at Golden Nugget casino. According to Atlantic County court records, Tobolsky entered a pre-trial diversion program.
Also in 2018, Tobolsky was struck off the bar in New Jersey for stealing $ 32,500 from a client’s escrow account for use in gambling. He was also struck off the bar in Pennsylvania later that year.
New Jersey Disciplinary Review Board Decision summarized in detail Tobolsky’s claims that he had a most lifelong struggle with gambling. His father took him to a running track when he was 6, then introduced him to football pools a few years later, and Tobolsky has struggled with gambling and depression ever since, according to the ruling.
The review board rejected Tobolsky’s defense that he should not be written off for his actions because he couldn’t think properly due to gambling addiction and depression.