Leon Vaccarelli, a former funding advisor and dealer in Waterbury, Conn., was convicted late final month on 21 counts of fraud and cash laundering in a Ponzi scheme that bilked buyers out of $1.5 million.
The Securities and Trade Fee filed comparable expenses towards Vaccarelli, now 42, about two years in the past. The regulator claimed that at the very least 9 purchasers, a lot of whom are aged, had been amongst his victims. That case towards Vacarelli is ongoing.
However the USA Lawyer’s workplace for the District of Connecticut stated the fraud was much more widespread, with a complete of 15 victims. Vaccarelli, who was beforehand a dealer with The Funding Middle and an funding advisor with IC Advisory Providers, instructed purchasers he would make investments their cash in interest-earning investments, when, in actuality, he used the funds to pay enterprise and private bills, together with tuition and mortgage funds. He used a few of it to repay different buyers.
Victims included an aged girl, a girl with diminished capability, a retired schoolteacher, a retired development employee and medical professionals.
The protection reportedly argued that alcohol performed a job in his dangerous judgement.
Vaccarelli was launched on $100,000 bond previous to his sentencing on Aug. 22; he might face a long time in jail.
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