Former Philly stockbroker sentenced to more than 6 years in federal prison
William Bucci told investors he was starting a business to import high-end olive oil and wine from Italy, but in reality, there was no such business.
A former Philadelphia stockbroker was sentenced to 6½ years in federal prison for defrauding investors of more than $3.2 million, the U.S. Attorney's Office announced Tuesday.
William Bucci, 60, had pleaded guilty last year to securities fraud and related charges.
He had told his victims, including a Catholic priest and a retired Philadelphia firefighter, that he was starting a business to import high-end olive oil and wine from Italy. But Bucci, who was a licensed stockbroker, never had such a business.
At Monday's sentencing hearing, U.S. District Judge Joel Slomsky also ordered Bucci to serve five years of supervised release after his prison term and to pay more than $3 million in restitution to the victims and the IRS. He was ordered to begin serving his prison term June 23.
Bucci, who from 2003 to 2007 had been state president of the Order Sons of Italy in America, the oldest and largest Italian American fraternal organization in the United States, had met a number of his prospective brokerage clients through the organization, according to court documents.
In addition to his brokerage clients, he solicited former schoolmates, friends, and relatives to give him money from about 2004 to 2011 with the promise he would pay them as much as 10 percent annual interest and would return the principal in a few years. Instead, he used the money to support his lifestyle and to make payments to earlier victims, prosecutors said.
He also induced people to lend him money for a Jersey Shore house. But, according to prosecutors, he used that money mostly for his own expenses.
According to the Financial Industry Regulatory Authority, Bucci, who lived in Philadelphia, worked at firms in Conshohocken, Jenkintown, and King of Prussia from 2002 to 2012. His stockbroker's license has been revoked.