Philly Businessman Gets 10 Years For $5M Investment Fraud

Law360, New York (October 31, 2013, 5:24 PM EDT) -- A Philadelphia businessman was sentenced to 10 years in prison by a New York federal judge Thursday after being found guilty of carrying out investor fraud schemes that raked in $5.45 million and bankrolled a Sean "Diddy" Combs concert at a luxury hotel, according to Manhattan U.S. Attorney Preet Bharara.

Tyrone Gilliams Jr. was convicted alongside former New Jersey attorney Everette L. Scott Jr. of Elam & Scott LLP in February for using his company, TL Gilliams LLC, to solicit and misappropriate investments for personal use,...
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