A Philadelphia bar owner and former Montgomery County stockbroker pleaded guilty Tuesday to defrauding clients - many elderly - of more than $400,000 and using their money to purchase his South Street bar, the U.S. Attorney's Office said.
William Joseph Boyle, 47, of Bala Cynwyd, who owns the Boyler Room bar at 328 South St. in Queen Village, pleaded guilty before U.S. District Judge Harvey Bartle III to all charges against him - five counts of mail fraud, three counts of wire fraud, and one count each of securities fraud and investment-adviser fraud.
Boyle, who has been out on bail, is to be sentenced Nov. 30. Under advisory sentencing guidelines, he would likely face about four years in prison, prosecutors said.
As part of his guilty plea, Boyle admitted that he defrauded investors out of more than $400,000 and promised to invest their money in stocks and other investments.
Instead, he spent almost all of their money on himself, including giving client money to his wife and ex-wife, paying his children's Catholic school tuition, and buying and renovating the Blarney South Bar and Grille, which he renamed the Boyler Room, prosecutors said.
Boyle admitted that he continued to hold himself out as a stockbroker and investment adviser for six years after his licenses were suspended and he was permanently barred by the Financial Industry Regulatory Authority, prosecutors said.
Defense attorney Robert Goldman said after the hearing Tuesday: "My client is greatly remorseful for what occurred and is making every effort possible to make the victims whole."
No one answered the phone Tuesday at the Boyler Room.