Waterbury’s Leon C. Vaccarelli has been found guilty of a $1.5 million investment fraud scheme that defrauded at least 15 victims, federal authorities announced today.
The 42-year-old was accused of misrepresenting investments to his clients through The Investment Center and Lux Financial Services, using the funds for personal expenses instead of investing as he promised.
According to court documents, Vaccarelli stole nearly $500,000 from a trust established for a woman with diminished capacity, and coerced an elderly woman into transferring $300,000 into his control. He also used customer funds to pay off another threatened lawsuit.
Vaccarelli was indicted on May 2, 2018, with charges including mail fraud, wire fraud, money laundering, and securities fraud. A superseding indictment in March 2019 added more counts of wire fraud and securities fraud.
The case against Vaccarelli was investigated by the FBI and U.S. Postal Inspection Service, and is being prosecuted by Assistant U.S. Attorneys Michael S. McGarry and Jennifer R. Laraia. Sentencing is scheduled for August 22, 2019.
Vaccarelli faces up to 50 years in prison, as mail fraud, wire fraud, and securities fraud carry a maximum term of 20 years each. Money laundering carries a maximum sentence of 10 years.
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Key Facts
- State: Connecticut
- Agency: DOJ USAO
- Category: Fraud & Financial Crimes
- Source: Official Source ↗
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