William Bucci, Investment Scheme, Pennsylvania 2024

Grimy Times Exclusive:

PHILADELPHIA, PA – A notorious stockbroker has been brought to justice after running an elaborate investment scheme that left a dozen victims, including a Catholic Priest and a retired Philadelphia firefighter, financially devastated.

William Bucci, 60, of Philadelphia, was sentenced to 78 months in prison for his role in the scheme that duped victims into turning over more than $3.2 million. United States District Judge Joel H. Slomsky also ordered that Bucci serve five years of supervised release after his prison term. In addition, Bucci must pay more than $3 million in restitution to the victims and the Internal Revenue Service.

According to the indictment, Bucci told his victims he was starting a wine and high-end olive oil import business. However, he had no intention of following through on his promises, using the funds instead to support his lavish lifestyle and make payments to earlier victims.

The indictment charges securities fraud, four counts of mail fraud, one count of mortgage fraud, and five counts of making and subscribing false federal income tax returns for underreporting his income for the tax years 2007 through 2011. On June 8, 2016, Bucci entered a plea of guilty to the securities fraud, mail fraud, and mortgage fraud counts.

After the government presented its evidence, the Court found the defendant guilty of all charges. The case was investigated by the Federal Bureau of Investigation and the Internal Revenue Service-Criminal Investigation Division. It is being prosecuted by Assistant United States Attorney David J. Ignall and Trial Attorney Derek J. Ettinger of the Fraud Section of the Criminal Division.

The victims, who entrusted Bucci with their hard-earned savings, are now facing financial ruin. A Catholic Priest, who lost $200,000 in the scheme, expressed his outrage, stating, ‘I trusted Bucci with my life savings, and he took advantage of me.’

The prosecution of Bucci serves as a stark reminder that investment schemes can have devastating consequences for those who fall victim to them. Grimy Times will continue to follow this story and provide updates as more information becomes available.

Related Federal Cases