PHILADELPHIA, PA — A former Gladwyne businessman was sentenced Wednesday to 111 months in federal prison for defrauding investors and others of millions of dollars through a series of financial schemes, U.S. Attorney David Metcalf announced.
Josh S. Verne, 48, now a resident of Fort Lauderdale, Florida, was sentenced by U.S. District Judge John F. Murphy to 111 months in prison followed by three years of supervised release.
The court also ordered Verne to forfeit $12,173,759 and pay a $1,300 special assessment.
Verne was charged by indictment in August 2024 and pleaded guilty in March 2025 to nine counts of wire fraud, three counts of securities fraud and one count of aggravated identity theft.
According to court filings, Verne carried out the fraud schemes between about 2017 and 2020.
Prosecutors said he defrauded dozens of investors, prospective investors, employees and business partners of millions of dollars.
Authorities said Verne represented himself as a wealthy businessman and investor while operating multiple limited liability companies that he controlled.
Prosecutors said he made false claims about his prior business successes, personal net worth and investments in order to persuade others to invest in his companies or provide loans.
In one instance, Verne provided an investor with a forged Goldman Sachs account statement showing more than $50 million in family investment holdings.
Investigators said Verne did not have an account at Goldman Sachs in his name or in his family’s names.
Prosecutors said Verne used investor funds to repay prior debts and finance personal expenses.
Those expenses included renovations to a vacation property on the Jersey Shore, private jet travel, political contributions, charitable donations and country club payments, according to court filings.
Authorities said Verne also sent investors fraudulent bank and FedEx confirmations that falsely appeared to show repayment transfers.
In another instance, prosecutors said Verne stole the identity of a former employee and forged the employee’s signature to authorize the sale of company shares.
Verne obtained $150,000 from the unauthorized sale and used the money to make payments to himself and a prior investor, prosecutors said.
Authorities said Verne also attempted to obstruct the investigation.
After meeting with FBI agents, prosecutors said Verne contacted the former employee and threatened to release false and embarrassing information because the employee had cooperated with investigators.
The case was investigated by the Federal Bureau of Investigation.
Assistant U.S. Attorneys Paul Shapiro and Jerome Maiatico prosecuted the case.
Civil securities fraud charges filed by the Securities and Exchange Commission’s Philadelphia Regional Office remain pending, according to prosecutors.
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