Additional fraud charges filed against financial adviser

News
gavel_1522256403446.jpg

Federal prosecutors have filed more charges against a former financial adviser in Connecticut who allegedly defrauded clients out of more than $1 million through a Ponzi scheme.

Federal prosecutors say a federal grand jury in New Haven on Tuesday approved nine additional counts against 42-year-old Leon Vaccarelli, including six counts of securities fraud and three counts of wire fraud.

The Waterbury man now faces 21 counts.

The U.S. Securities and Exchange Commission says Vaccarelli told clients he was investing their money, but instead deposited it into his personal and business bank accounts and used it to pay tuition and mortgage payments. He also used some money to pay other investors.

Some clients lost their retirement savings.

Vaccarelli’s attorney, Jonathan Einhorn, says alcoholism played a role in his client’s actions.

Copyright 2021 Nexstar Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

New Haven

New Britain marketing campaign aimed at encouraging safe economic activity by supporting local businesses

News /

1 pet dead, 16 displaced following large condo fire in East Haven

News /

Police arrest 3 teens in connection to carjacking in New Haven

News /

New Haven police investigate shooting on Edgewood Avenue

News /

Yale doctor explains how dangerous, more contagious COVID-19 variant strains are

News /

Hamden man accused of ramming police vehicle during chase

News /
More New Haven

Trending Stories

Don't Miss

More Don't Miss