Broker sentenced in Pa. school fraud scheme

AP News
Posted: Dec 15, 2009 11:32 AM

A suburban Philadelphia man will spend a year and a day in federal prison for selling high-risk securities to four Pennsylvania school districts.

Sixty-three-year-old Robert Bradbury of West Chester was sentenced Monday on one count of securities fraud. He was also ordered to pay a $10,000 fine.

Prosecutors say Bradbury sold risky short-term bonds for a golf course project to four school districts. The districts involved were Boyertown, Red Lion, Perkiomen Valley and North Penn.

Bradbury pleaded guilty earlier this year. Authorities say the scam cost taxpayers more than $10 million.