Man sentenced for defrauding investors out of more than $5M
By: The Associated Press
Posted: May 09, 2018 11:46 AM EDT
Updated: May 09, 2018 11:46 AM EDT
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NEWARK, N.J. (AP) - A Connecticut man involved in a scheme that defrauded investors out of more than $5 million has been sentenced to nearly two years in prison.
James Trolice and a co-conspirator, Lee Vaccaro of Las Vegas, sold investors interests in companies they controlled. The pair falsely told investors the companies held warrants in a California-based firm that develops mobile security products.
Warrants are derivative securities that allow the holder to buy common stock at a specific price within a certain time frame. Trolice and Vaccaro admitted making misrepresentations about the existence, number, validity, and term of the warrants.
Trolice, a 64-year-old Fairfield resident, pleaded guilty to securities fraud and transacting in criminal proceeds. He received a 19-month sentence Tuesday.
Vaccaro is serving a 78-month sentence that was imposed in February 2017.
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