RICHBORO, Pa. (CBS) – A Pennsylvania man has been sentenced to 48 months in prison for wire fraud and money laundering.
Fifty-year-old David Rothman, of Richboro, was the Vice President of Rothman Securities, Inc. (RSI), an investment brokerage firm located in Southampton, Pa., when he allegedly embezzled from a 92-year-old RSI client and several trusts for which he was named a trustee.READ MORE: Philadelphia Weather: Heat Advisory In Effect As Temperatures Hit Record Highs On Saturday
Officials say Rothman then used the money for personal expenses and to pay his family, friends and other clients. Rothman also created bogus documents and stories to deceive his victims and clients and to lull them into “a false sense of security.”READ MORE: Pennsylvania State Rep. Amen Brown Organizes Fan Giveaway At Building With Partial Air Conditioning In Wynnefield Heights
Rothman, who is a Penn State graduate and who made $600,000 in 2011, pleaded guilty to the charges in March 2013.
In addition to 48 months in jail, Rothman was ordered three years of supervised release and to pay restitution of $505,831.09.MORE NEWS: Philadelphia Eagles Raise More Than $4 Million At 5th Annual Autism Challenge