Philadelphia investment advisor pleads guilty to $1.6M Ponzi scheme

The head of a Philadelphia investment advisory who bilked clients out of $1.6 million in a Ponzi scheme has pleaded guilty.

Carl Frederic Sealey, 43, chairman of Global Standard Industries Inc. (GSI) and SEK Industries, admitted his guilt in connection to fraud charges where federal prosecutors said he used his investors’ money to fund his own lavish lifestyle.

Sealey claimed his company had more than $15 billion in managed domestic assets and another $33 billion offshore, according to the U.S.…

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