Main Line Stockbroker Scammed Elderly Out Of $400K To Open Philly Bar: US Attorney

By Justin Heinze:

A Bala Cynwyd man allegedly defrauded elderly victims out of $400,000 in order to pay for a bar he wanted to open on South Street in Philadelphia, according to the US Attorney's Office.

William Joseph Boyle, 53, a stockbroker and investment adviser, convinced his victims, most of whom were elderly, that he was putting their money into stocks, bonds and real estate, the US Attorney said.

In reality, Boyle spent all of the money on himself, giving money to his wife and ex-wife, paying his kids' Catholic school tuition, and buying the bar a liquor license. The bar, formerly called The Blarney South Bar and Grille, was renamed The Boyler Room by Boyle, presumably after himself.

Officials stated that Boyle is also accused of using the money to pay earlier clients, who were then led to believe they had made a reliable investment.

Boyle continued to work as a stock broker even after he had been permanently barred by the Financial Industry National Regulatory Authority from the profession in 2009, the US Attorney said. At that point, Boyle had allegedly misused $500,000 in investment funds from a Catholic nun, among other infractions, according to FINRA.

Boyle faces five counts of mail fraud, three counts of wire fraud, one count of securities fraud, and one count of investment adviser fraud, officials said. If convicted, sentencing could range from about 4 to 6 years in prison.