PHILADELPHIA (CN) – Four public school districts say Dolphin & Bradbury, a broker-dealer investment firm, defrauded them of $14.2 million and fraudulently transferred assets to try to duck legal judgments. The schools also sued CEO Robert Bradbury and other company directors.
Bradbury, of West Chester, allegedly persuaded the schools to buy bonds that were so risky it was illegal for the schools to buy them. The schools say the SEC has filed civil proceedings against Bradbury, and federal prosecutors filed criminal charges against him.
Plaintiffs in this care are Red Lion Area School District, Boyertown Area School District, Perkiomen Valley School District, and North Penn School District.
They are represented in state court by Thomas French with Rhoads & Sinon of Harrisburg.