Victims of the securities fraud perpetrated by Waterbury, Connecticut stockbroker Leon Vaccarelli can call (860) 920-5181 today for a FREE Consultation regarding your securities fraud recovery options.
Leon Vaccarelli Securities Fraud Recovery Options
According to a recent complaint filed in federal court for the District of Connecticut, the Securities and Exchange Commission (SEC) has charged Connecticut-based broker representative and investment adviser Leon Vaccarelli (Lee Vaccarelli) and his company with fraudulently persuading several elderly customers to invest with him and then spending their money on his own living and business expenses.
The SEC’s complaint alleges that instead of investing the customers’ money in such things as conventional brokerage accounts and so-called separately managed accounts as promised, Vaccarelli deposited customer funds into his personal and business bank accounts. He allegedly commingled the funds with his own money and used them for his own purposes, and in some instances he used customer funds to pay returns to earlier investors. According to the SEC’s complaint, Vaccarelli asked one customer to sign an agreement that she would not provide certain information to FINRA or the SEC. Vaccarelli allegedly sold more than $450,000 in securities that were held in trust for the care and maintenance of a beneficiary and used some of the proceeds to pay business and personal expenses.
The SEC alleges that Vaccarelli defrauded clients of more than $1 million, and the agency is seeking an asset freeze against Vaccarelli, individually and doing business as Lux Financial Services, and his company, LWLVACC, LLC.
According to the Complaint, from no later than September 2012, through early 2017, Vaccarelli personally and through his entity LWLVACC induced at least nine of Vaccarelli’s brokerage customers and other individuals to invest approximately $1 million in what Vaccarelli represented were private loans and investments. Vaccarelli used the money raised for those so-called investments to pay personal expenses or to make Ponzi-like payments to prior investors.
If you are a victim, you may have investment loss recovery options.
Victims of Lee Vaccarelli (Waterbury, CT) Have Ponzi Recovery Options
Brokerage firms have a regulatory duty to supervise its brokers like Leon Vaccarelli to ensure that securities are suitable for investors. Brokerage firms may be held liable to investors who suffer losses if such supervision is negligent. In those instances, investors can pursue recovery through FINRA arbitration.
How Can I Recover Money from the Leon Vaccarelli Fraud?
If you are an investor that has suffered losses investing with Leon Vaccarelli (Lee Vaccarelli), or his firms Lux Financial Services, or LWLVACC, you may be able to pursue a recover to your losses through FINRA arbitration or securities litigation. Please call Kons Law Offices at (860) 920-5181 for a FREE, NO OBLIGATION consultation to discuss your investment loss recovery options.
Kons Law Offices represents investors in Connecticut and throughout the US in securities arbitration and litigation matters. To learn more about the Firm’s securities litigation and FINRA arbitration practice, please visit www.investmentlossattorney.com.