A disgraced South Jersey attorney with a confessed gambling habit was busted by federal agents for conning an investor out of $2.4 million in a loan scheme involving supposed Philadelphia Eagles season ticket holders, authorities said.
Frank N. Tobolsky, 59, of Cherry Hill told the Delaware investor he was funding loans for clients using season ticket licenses as collateral, an indictment returned in U.S. District Court in Camden says.
There were no clients, it says.
Tobolsky gambled “a substantial portion” of the money at Atlantic City casinos, among other personal uses, Acting U.S. Attorney for New Jersey Rachael A. Honig said.
The victim, meanwhile, got a purported return on his investment from what was left, she said.
The federal indictment, which charges Tobolsky with eight counts of wire fraud, says the scheme began in November 2013, while he still had a license to practice law in New Jersey and Pennsylvania.
Tobolsky was disbarred in 2018 for misappropriating in escrow funds following an arrest by New Jersey State Police earlier that year.
In that case, the NJSP Casino Gaming Bureau’s Financial Crimes Squad found that Tobolsky got a victim to respond to an online ad for the sale of an Eagles season ticket license on behalf of clients who he said were getting divorced.
Tobolsky collected $9,400 in cashier’s checks from the victim that he deposited into an account at the Golden Nugget Casino, said State Police, who arrested him at Resorts and charged him with theft.
Honig credited inspectors of the U.S. Postal Inspection Service’s Philadelphia Division with making the current federal case. She also thanked the U.S. Attorney’s Office for the District of Delaware for assisting.
Handling the case for the government is Assistant U.S. Attorney Jeffrey Bender and Special Assistant U.S. Attorney John Crockett of Honig’s office in Camden.
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