Former Philly Stockbroker Sentenced for Securities Fraud

Former Philly Stockbroker Sentenced for Securities Fraud

Stockbroker Sentenced to Prison for Ponzi Scheme

A former Philadelphia-based stockbroker was sentenced to 6 ½ years in prison after defrauding investors of more than $3.2 million, according to a recent statement from the U.S. Attorney’s Office.

William Bucci pled guilty to securities fraud and other related charges. Among his victims were a Catholic priest and retired firefighter, whom he told that he was starting a business to import high-end olive oil and wine from Italy. In fact, Bucci never set up any business of the sort.

Stockbroker Scammed Friends and Classmates

In addition to his prison sentence, Bucci also was ordered to pay more than $3 million to his victims and the IRS. Bucci served as the president of the Order Sons of Italy from 2003 to 2007, the oldest and largest Italian-American fraternal organization in the U.S., through which he met several of his victims. In addition to those he met through the Order, he solicited old classmates and friends, promising to give them as much as 10 percent interest annually with a return the principal within a few years.

Instead of paying back friends and family, Bucci used investors’ money to support his lifestyle and pay off earlier victims, in Ponzi-scheme fashion. According to FINRA, Bucci was licensed at various brokerage firms between 2002 and 2012. His stockbroker’s license has since been revoked.

Call a Ponzi Scheme Attorney Today

If you invested with William Bucci or believe you have been the victim of a similar Ponzi scheme, you may have legal rights that require your attention and you should contact a qualified investment fraud attorney immediately.

Call a Ponzi Scheme Attorney Today

Contact an attorney at The Fraud Report’s partner law firm, Dimond Kaplan & Rothstein, P.A. today to schedule an appointment or consultation to review your rights and options.

With offices in Los Angeles, our securities lawyers throughout Santa Monica, Beverly Hills, and Hollywood they assist you with any securities issues that you may be facing.

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