Disbarred Lawyer Funded Gambling with $two.4M Philadelphia Eagles Season Ticket Scam
Posted on: October 7, 2021, 04:17h.
Last updated on: October 7, 2021, 05:15h.
A disbarred New Jersey lawyer pleaded guilty this week to defrauding an investor in a bogus enterprise that purported to supply loans to Philadelphia Eagles fans.
Rather, Frank Tobolsky spent most of a $two.four million investment on personal expenses and a “crippling” gambling habit.
Prosecutors stated Tobolsky, 59, told the sole investor the enterprise would use Eagles fans’ seat licenses as collateral to secure the loans. The victim sent the income to Tobolsky in tranches among 2013 and 2016.
A individual seat license, or PSL, entitles a sports fan the appropriate to acquire season tickets for a particular seat in a stadium. The holder can sell the license to someone else if they no longer want to acquire a ticket.
But no loans were ever issued. Some of the cash was returned to the victim as purported earnings, but Tobolsky spent nearly $2 million of the fund, a lot of it at Atlantic City’s gaming tables.
Theft by Deception
Tobolsky was separately charged in 2018 for theft by deception for the fraudulent sale of an Eagles seat license. The former property lawyer advertised a non-existent license for sale on the internet, afterwards depositing the victim’s $9,400 payment into his account at the Golden Nugget.
As a first-time offender, he was permitted to enter a pretrial diversion plan, according to Atlantic County court records. This is normally a rehabilitative program that enables a defendant to carry out community service as an alternative of going to prison.
Tobolsky was barred from practicing law in November 2017 by the New Jersey Supreme Court for misappropriating $32,500 of a clients’ funds held in escrow. The money had been placed in his care in advance of a home deal.
But in March 2013, he siphoned it into his personal personal account, which at the time contained just $five.
In his defense on that occasion, Tobolsky told the court he suffered from a compulsive gambling difficulty. He also claimed anxiety and depression that often triggered him to be “literally… out of [his] thoughts.”
He described this as a “crippling” mental illness, adding the allegations against him have been “inextricably linked to [his] diminished capacity, stress, and duress.”
Tobolsky mentioned he very first seasoned gambling as a six-year-old when he visited a racetrack with his household. At nine or ten, his father introduced him to football pools. He lost every single week, which resulted in “an awful feeling” that he later recognized as depression.
In his high school years, he traveled with his father to racetracks all along the east coast, and even gambled underage in casinos in Puerto Rico. He funded his gambling with funds earned on his newspaper route.
In 1984, at 23, Tobolsky started attending Gambling Anonymous meetings and subsequently quit gambling for 22 years.
But the breakup of his marriage in 2006, coupled with fears that he would not be able to spend for his children’s college costs, brought on his old demons to resurface.
Now he faces up to 20 years in prison.