Philly Man Convicted For Investment Fraud Involving Italian Goods

PHILADELPHIA (CBS) — A Philadelphia man will spend years in jail for operating an funding fraud scheme involving olive oil, wine and the Jersey shore.

William Bucci was sentenced to 6 and a half years in jail, after authorities say he took greater than $three million from a few dozen victims — together with a Catholic priest and a retired firefighter.

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David Ignall is with the US Lawyer’s Workplace and says “He falsely represented to folks that he was elevating cash for an olive oil and wine enterprise that was going to import items from Italy”

Ignall says Bucci informed individuals he additionally wanted cash to spend money on actual property alongside the Jersey shore.

The 60-yr-previous former stockbroker plead responsible final summer time to the fees.

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“One rely of safety fraud, 4 counts of mail fraud, one rely of mortgage fraud and 5 counts of creating and subscribing false Federal revenue tax returns,” stated Ignall.

Bucci was additionally ordered to pay three.2 million dollars in restitution and can start his jail time period this June.

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