SOMERSET, Mass. (AP) — A Somerset man whose right to practice law has been revoked is facing federal charges stemming from allegations that he stole about $300,000 from two investors who were promised hefty profits within three months.
Massachusetts State Secretary William Galvin alleges that 55–year-old John Silvia Jr. spent the money on gifts to relatives, payment of life insurance premiums and Red Sox season tickets.
The U.S. District Attorney’s office says Silvia was arrested Friday and charged in a complaint with mail and wire fraud. Conviction carries a maximum sentence of 20 years in prison and a fine of up to $250,000.
The complaint also named Richardson Consulting LLC and Fairway Realty LLC, which were two companies controlled by the suspect that were allegedly used to perpetrate the scam.
Silvia’s attorney was not listed in the federal case file.