Cherry Hill, NJ, man admits fraud scheme involving Eagles ticket holders
A former New Jersey lawyer who claims a lifelong gambling addiction began when he was just six years old, has pled guilty to scamming an investor out of millions in a scheme involving Eagles season ticket holders.
Frank N. Tobolsky, 59, of Cherry Hill, admitted he took $2.4 million dollars from a Delaware man, convincing him he had a loan business that targeted season ticket holders of the Philadelphia Eagles. The loans, he claimed, would have the season ticket holders putting up their tickets and seat licenses as collateral.
However, New Jersey U.S. Attorney Rachael Honig said Tobolsky used the money for personal expenses, including casino gambling.
Beginning in 2013, Tobolsky raised money from a victim, purportedly as an investment that would loan money to season ticket holders who owned seat licenses for the Philadelphia Eagles. The seat licenses would be used as collateral to secure the loans. The victim sent Tobolsky approximately $2.4 million to invest in the purported business venture. The money was not used for loans to season ticket holders. Instead, Tobolsky used a substantial portion on personal expenses. - U.S. Attorney Rachael Honig/statement
Tobolsky faces up to 20 years in federal prison and substantial fines when he is sentenced next February.
This is not the first time Tobolsky has been in trouble and blamed a gambling addiction.
He was charged in 2018 in Atlantic County for selling a bogus Eagles Stadium Builder License and depositing the proceeds from his scam into a casino account.
The same year, he was stripped of his law license for stealing money from a client's escrow account to use for gambling.
When he went before the New Jersey Disciplinary Review Board to fight disbarment, he cited a gambling addiction that began when his father took him to a horse track when he was six. That, he claimed, led to football pools and that he had struggled with the addiction ever since. The board rejected that defense, and voted for disbarment.
Atlantic City circa 1919