WEST CHESTER, PA — Judge Royer sentenced 45-year-old Michael Siciliano of Downingtown to 4-10 years in state prison and he has been ordered to pay $748,732.29 in restitution for stealing from multiple clients in his role as an investment manager, Chester County District Attorney Deb Ryan today announced. He pleaded guilty to two felony counts of deceptive business practices and two felony counts of theft by failure to make required disposition of funds on December 15, 2022.
“The defendant was a scam artist who violated the trust of his elderly clients and were swindled out of their entire life savings. His greed has a significant impact on these victims who worked their entire lives to save this money for their retirement,” stated Chester County District Attorney Deb Ryan. “We are very grateful to the investigators and Deputy District Attorney William Judge for their diligent work on this case.”
According to the information presented in court, in November 2015, Michael Siciliano, who was a licensed insurance agent, provided assistance in purchasing medical insurance and advice on medical issues to married couple Victim #1 and Victim #2, and their relative Victim #3. Later, the defendant solicited all the victims to become their financial advisor through his company, Valley Forge Planning Partners LLC. The defendant acted as the manager and custodian for all three victims’ liquid assets, IRA accounts, and tax filings. The defendant was not a licensed investment advisor in the Commonwealth of Pennsylvania, and Valley Forge Planning Partners, LLC. is not a registered LLC in PA.
This scheme began in November 2015, where all victims gave the defendant personal checks that were deposited in the Valley Forge Planning Partners bank account where the money was supposed to be managed for the benefit of the victims. Instead, it was then almost immediately dispersed to his various personal accounts where he used the money for his personal benefit. He also used one of the victim’s credit cards to make over $59,000 in unauthorized purchases and withdrawals.
The victims requested written reports of account valuations that were supposed to be provided, but the victims either never received them or were given falsified reports. He also failed to file or make any of the required tax filings or payments. The criminal behavior ended in October 2020, when the defendant stopped returning the victims’ calls, emails, and text messages.
Investigators executed a search warrant on Citizen’s Bank for records from November 2015 until March 2020, for Valley Forge Planning Partners LLC and Michael Siciliano, and confirmed that all the checks that the victims gave to Michael Siciliano and his business were deposited into the Valley Forge Planning Partners LLC Business Account.
A total of $748,713.58 was transferred to the defendant, who dealt with the money as his own and failed to make the proper disposition of the funds for the benefit of the victims.
Chester County District Attorney Deb Ryan praised the Tredyffrin Township Police Department and the Chester County Detectives for the investigation which led to the successful prosecution of Siciliano. Deputy District Attorney William Judge is the assigned prosecutor.
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