May 4, 2018 Comments (0) Blog, Current Investigations, Securities Fraud

Leon Vaccarelli Indicted 12 Counts of Fraud, Money Laundering

Leon Vaccarelli

CT Advisor Leon Vaccarelli charged with defrauding investors of more than $1 million.

According to federal law enforcement officials, Leon Vaccarelli, of Waterbury CT, has been indicted on 12 counts of fraud and money laundering related to an investment scheme that prosecutors say defrauded investors of more than $1 million.

Through his financial advisory and brokerage service, Lux Financial Services, Vaccarelli allegedly deposited customers’ money into his own personal account and business bank accounts, instead of investing the funds in Individual Retirement Accounts, money market accounts, certificates of deposit and other interest-earning investments, as promised. The scheme reportedly took place between 2011 and 2017.

He is accused of using the money to pay business and personal expenses, including tuition and mortgage payments.

According to the U.S. Attorney John H. Durham, Vaccarelli pleaded not guilty to charges of fraud and money laundering, and was released on $100,000 bail.

As we told you last September, the U.S. Securities and Exchange Commission also has brought related civil charges against Vaccarelli.

Free Consultation with a Securities Attorney

According to his FINRA BrokerCheck report, Vaccarelli was registered with The Investment Center in Waterbury, CT from February 2011 until August 2017. He has 14 disclosure events listed on his broker report, including 9 customer complaints. Vaccarelli is not currently registered as a broker.

The White Law Group continues to investigate the liability that Vaccarelli’s employer may have for failing to properly supervising him.

Brokerage firms are required to properly supervise their advisors. They must ensure that those advisors are complying with applicable FINRA rules and regulations. If it can be demonstrated that Vaccarelli’s former employer failed to properly supervise him, his employer may be held responsible for the losses in a FINRA arbitration claim.

If you are concerned about your investments with Leon Vaccarelli and would like a free consultation to discuss your litigation options, please call The White Law Group at 1-888-637-5510.

The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Vero Beach, Florida.