June 14, 2018

Posted June 19, 2018

Philadelphia investment adviser Carl Frederic Sealy pleaded guilty to fraud charges in connection with a $1.6 million Ponzi scheme he operated. Sealy told investors their funds would be used to finance real estate deals, but the deals were non-existent. Instead, Sealy used his clients’ investments to fund lavish personal expenditures, including spa services, hotels, and restaurants. USAO EDPA