Securities Arbitration Lawyers BlogBroker Leon Vaccarelli Has Been Charged with Fraud by the SEC
The former Connecticut broker allegedly stole over $1 million from elderly clients
On August 31, Leon Vaccarelli and Lux Financial Services were charged by the Securities and Exchange Commission (SEC) with defrauding at least nine clients, several of which were elderly. According to the SEC, Vaccarelli told the clients that he would be investing their money in conventional brokerage accounts, but what he actually did was have them write checks payable to him. He reportedly then used that money to pay for personal expenses.
The SEC says that over a five-year period, Vaccarelli defrauded his clients of more than $1 million, with a large portion of that total coming from the sale of over $450,000 in securities that were in a trust intended for the care of a beneficiary.