Related Federal Cases
- James Trolice, Securities Fraud, New Jersey 2017 · New Jersey
- Christopher Glynn, Wire Fraud and Money Laundering, New Jersey 2019 · Oregon
- William O’Hanlon, Wire Fraud Conspiracy, New Jersey 2025 · Florida
- CIE Tours International Inc., Paycheck Protection Program Fraud, New Jersey 2024 · Puerto Rico
- Letitia James, Civil RICO Lawsuit, New York 2023 · Illinois
Former Bergen County Man Admits to $5 Million Investment Fraud
NEWARK, N.J. – James Trolice, 63, of Fairfield, Connecticut, pleaded guilty before U.S. District Judge William J. Martini in Newark federal court to a two-count information charging him with securities fraud and transacting in criminal proceeds.
According to documents filed in this case and statements made in court, James Trolice was the president and owner of Trolice Consulting Services LLC and the president and chief marketing officer of eAgency, a California-based company that developed mobile security products. He and Lee Vaccaro, 45, of Las Vegas, sold investors interests in Trolice Consulting Services and companies Vaccaro controlled and falsely represented to investors that those companies held warrants in eAgency.
Trolice admitted that he made oral and written misrepresentations concerning the existence, number, validity, and term of eAgency warrants purportedly owned by the investment companies; the amount of money he had personally invested in and raised for eAgency; and his current position at eAgency. He also admitted that beginning in January 2011, the dollar amount of interests Trolice and Vaccaro sold in the investment companies began to surpass the dollar amount of valid warrants held by the investment companies. Neither Trolice nor Vaccaro disclosed to investors the risk that their investments would be diluted by the sale of additional interests in the companies.
Altogether, Trolice and Vaccaro defrauded investors out of more than $5 million. The securities fraud count carries a maximum potential penalty of 20 years in prison and a $5 million fine. The transacting in criminal proceeds count carries a maximum potential penalty of 10 years in prison and a $250,000 fine, or twice the gross gain or loss from the offense.
Sentencing is scheduled for July 20, 2017. Vaccaro previously pleaded guilty to his role in the scheme and was sentenced Feb. 17, 2017 to 78 months in prison.
Acting U.S. Attorney Fitzpatrick credited special agents of the FBI, under the direction of Special Agent in Charge Timothy Gallagher in Newark, and special agents of IRS-Criminal Investigation, under the direction of Special Agent in Charge Jonathan D. Larsen, with the investigation. He also thanked the U.S. Securities and Exchange Commission’s New York Regional Office, under the direction of Sanjay Wadhwa and the New Jersey Bureau of Securities, under the direction of Acting Chief Amy G. Kopleton, for their assistance.
James Trolice faces a maximum of 30 years in prison and fines of up to $5.25 million. If you believe you are a victim of or otherwise have information concerning this scheme, you are encouraged to contact the FBI at 973-792-3000.
This case is part of an effort by the Financial Fraud Enforcement Task Force, which was established to wage an aggressive, coordinated and proactive effort to investigate and prosecute financial crimes. With more than 20 federal agencies, 94 U.S. attorneys’ offices, and state and local partners, it’s the broadest coalition of law enforcement, investigatory and regulatory agencies ever assembled to combat fraud.
Key Facts
- State: New Jersey
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
ðŸâ€Â’ Get the grimiest stories delivered weekly. Subscribe free →
MORE FEDERAL CRIME NEWS
US NewsUS NewsUS NewsUS News