West Chester Man Sentenced to One Year and One Day for Defrauding Pennsylvania School Districts
|U.S. Attorney’s Office December 14, 2009|
PHILADELPHIA—Robert Bradbury, 63, of West Chester, was sentenced today to 366 days in prison for a single count of securities fraud in connection with a scam involving four Pennsylvania school districts. Bradbury sold the districts high-risk securities in the form of bond anticipation notes for the Whitetail golf course project, a speculative golf course project located in Franklin County, Pennsylvania. These were inappropriate investments for the districts. Bradbury concealed from the school districts the true nature of and risks associated with the investments. The four school districts, Boyertown, located in Berks County, Pennsylvania; Red Lion, located in York County, Pennsylvania; Perkiomen Valley, located in Montgomery County, Pennsylvania; and North Penn, located in Montgomery County, Pennsylvania, collectively lost approximately $10.5 million as a result of the fraud.
In addition to the prison term, U.S. District Court Judge R. Barclay Surrick ordered Bradbury to pay a $10,000 fine. Bradbury’s date for reporting to prison is February 1, 2010.
This case was investigated by the Federal Bureau of Investigation, and was prosecuted by Assistant United States Attorney Bernadette McKeon. The U.S. Attorney’s office also acknowledges assistance from the SEC.