W. Chester man gets 15 years in investing case
A federal judge yesterday sentenced Daniel R. Siddons of West Chester to 15 years in prison for a scheme that defrauded elderly and unsophisticated investors of about $1.3 million between October 2002 and January 2006.
A federal judge yesterday sentenced Daniel R. Siddons of West Chester to 15 years in prison for a scheme that defrauded elderly and unsophisticated investors of about $1.3 million between October 2002 and January 2006.
Siddons, 38, a former financial adviser at Mellon Bank/Dreyfus Investment Services Co. and First Union/Wachovia Securities Inc., solicited money from former clients at those firms for a purported real estate investment, but used most of the money instead to pay for a high-end lifestyle, according to the U.S. Attorney in Philadelphia.
Siddons was also ordered to pay $1.3 million in restitution. - Harold Brubaker