New charges in investor fraud case |
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January 14, 2005 – Authorities filed more counts against a Swarthmore man charged in November with bilking people of more than $1 million in two investment schemes, the Delaware County District Attorney's Office said yesterday. In the latest case, authorities said Thomas J. Motley, 54, of the first block of College Avenue, took a total of $830,000 from eight people from California, Delaware and Pennsylvania. The four women and four men, between the ages of 48 and 74, invested in what authorities said were phony businesses, Penn Technology Ventures and Annenberg Estate Bonds. Officials said Motley told his "investors" that Penn Technology Ventures was a cancer-research project. The Annenberg bonds were presented as tax-free municipal bonds from the estate of Walter Annenberg, the billionaire media magnate who died in 2002. District Attorney G. Michael Green filed the first set of charges against Motley when investigators decided that he duped 22 people out of more than $1 million through investments in the same ventures. Green's office announced six additional charges, including theft by deception, receiving stolen property, and deceptive business practices, after more alleged victims came forward.
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