Local Man Imprisoned For Multi-Million Dollar Fraud Had Conshohocken Ties: U.S. Attorney

A Phoenixville man has been sentenced to 60 months in prison for an extensive fraud scheme which netted him millions of dollars, according to the U.S. Attorney’s Office.

Timothy Burns, 36, was the owner of ESG Family Services, and tricked many of his customers into adding him as a signatory to their bank accounts, the Attorney’s Office said.

He also convinced clients that he could acquire shares of Facebook and other social media stock for low prices before the public offerings, which he could not, according to officials.

The fraud was committed between May 2007 and September 2012, when Burns used money which his clients entrusted to him for his own gain, officials said.

Among his purchases using customer funds were a $4 million shore home in Avalon, and a commercial office building in Conshohocken, according to officials

He later lied to a bank that he had acquired stock, so that he could get a $6 million mortgage loan on the boffice building, officials said.

Burns will have to pay back $11,038,923.60, among other fees.

He had originally pleaded guilty in June 25, 2013.

The case was investigated by the FBI and the U.S. Postal Inspection Service. It was prosecuted by Assistant United States Attorney Nancy E. Potts.