Philly Man Convicted For Investment Fraud Involving Italian Goods
PHILADELPHIA (CBS) -- A Philadelphia man will spend years in prison for running an investment fraud scheme involving olive oil, wine and the Jersey shore.
William Bucci was sentenced to six and a half years in prison, after authorities say he took more than $3 million from about a dozen victims -- including a Catholic priest and a retired firefighter.
Main Line Hardware Store Says It Is Closing Shop After More Than 90 Years
David Ignall is with the US Attorney's Office and says "He falsely represented to people that he was raising money for an olive oil and wine business that was going to import goods from Italy"
Ignall says Bucci told people he also needed money to invest in real estate along the Jersey shore.
The 60-year-old former stockbroker plead guilty last summer to the charges.
ALSO READ: PA House Approves Bill To Sell State's Liquor Wholesale System
"One count of security fraud, four counts of mail fraud, one count of mortgage fraud and five counts of making and subscribing false Federal income tax returns," said Ignall.
Bucci was also ordered to pay 3.2 million dollars in restitution and will begin his prison term this June.
