William Joseph Boyle Sentenced for Defrauding Clients to Fund Bar

William Joseph Boyle, 47, of Bala Cynwyd, Pennsylvania, was hit with a 78-month prison sentence today after being convicted of ripping off his clients to fund a South Street bar he renamed in his own image — The Boyler Room. Boyle was ordered to pay $429,000 in restitution, serve three years of supervised release, pay a $1,000 special assessment, and forfeit $415,000. The verdict, handed down in federal court, marks the end of a scheme that preyed on elderly investors who trusted him with their life savings.

Boyle pled guilty to five counts of mail fraud, three counts of wire fraud, one count of securities fraud, and one count of investment adviser fraud. Despite being permanently barred by FINRA and having his licenses suspended, Boyle continued posing as a licensed stock broker and financial adviser. He never told his clients about his disbarment — a lie that allowed him to keep siphoning money under the false promise of safe, profitable investments in municipal bonds, real estate, and interest-bearing accounts.

In reality, Boyle funneled nearly all the stolen funds into his own pockets. He paid his children’s Catholic school tuition, handed cash to both his wife and ex-wife, and poured hundreds of thousands into purchasing, renovating, and operating The Blarney South Bar and Grille on Philadelphia’s South Street. He later rebranded the bar as The Boyler Room — a brazen nod to his own ego while victims lost everything.

More than $400,000 was stolen from clients, many of whom were elderly and financially vulnerable. At the sentencing hearing, several victims took the stand, their voices shaking with anger and grief as they described the economic devastation and emotional trauma Boyle left behind. One victim said he lost his retirement nest egg; another said she had to sell her home to cover basic living expenses after Boyle vanished with her savings.

The Department of Homeland Security Investigations led the probe, uncovering a paper trail of false statements, misdirected funds, and lavish personal spending masked as investment activity. Assistant United States Attorney Michael S. Lowe prosecuted the case, calling Boyle’s actions a betrayal of trust that exploited the very people who relied on professional integrity.

Boyle’s bar is now closed. His name, once emblazoned on a South Street sign, has been scrubbed — but his conviction remains etched in federal records. For 78 months, he’ll trade the taps for a cell block, while his victims try to rebuild what he stole.