A Philadelphia bar owner and former Montgomery County stockbroker has been sentenced to six and a half years in prison for defrauding investment clients.
William J. Boyle, 47, of Bala Cynwyd, was also ordered to pay $429,000 in restitution, serve three years of supervised release and forfeit $415,000, according to prosecutors.
Boyle pleaded guilty in federal court in Philadelphia in August, admitting that he defrauded clients, many elderly, by promising to invest their money in stocks and other investments, but instead spending the funds on himself.
He used the money to purchase and renovate the Blarney South Bar and Grille on South Street, which he renamed The Boyler Room, after himself, according to prosecutors. He also spent the hundreds of thousands of dollars of client money on his ex-wife and school tuition for his children.
He also continued to work as a stockbroker and investment adviser after his licenses were suspended, prosecutors said.
Boyle, who was indicted in June, pleaded guilty to all of the charges filed against him: five counts of mail fraud, three counts of wire fraud, and one count each of securities fraud and investment-adviser fraud.