Tag: investment scam

Trolice Consulting Services Investment Scam

Trolice Consulting Services Investment Scam

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A Connecticut and former New Jersey resident pled guilty to two counts of securities fraud and transacting in criminal proceedings after he was charged in federal court with defrauding investors of more than $5 million.

According to the complaint, James Trolice was the president and owner of Trolice Consulting Services LLC, and president and chief marketing officer of eAgency, a California-based company. Trolice and a colleague, Lee Vaccaro, sold investors interest in Trolice Consulting Services as well as various entities controlled by Vaccaro. They falsely represented that they held warrants in eAgency.

Warrant Claims Part of Trolice Consulting Services Investment Scam

A warrant is a derivative security that gives the holder the right to purchase stock at a specific price within a certain time frame. Trolice admitted, though, that he made misrepresentations concerning the existence and validity of the number of eAgency warrants owned by the investment companies, as well as the amount of money he had personally invested in and his position with eAgency.

In order to entice investors, Trolice brought people to lavish investor parties at his multi-million-dollar home, where he would tout his track record of successful startups. Instead of using investors’ money to invest in eAgency, Trolice used their funds to pay his mortgage and credit card bills, car payments, and other personal expenses. Vaccaro blew at least $250,000 at Las Vegas casinos. Trolice and Vaccaro also spent investors’ money on trips to Hawaii and California and on shopping sprees at high-end retailers.

Trolice Consulting Services Executive Facing Prison

Trolice is facing a maximum of 20 years in prison for the securities fraud charge and a $5 million fine, and up to an additional 10 years for transacting in criminal proceedings along with a potential $250,000 fine.

Involved in an Investment Scam?

Scammers like James Trolice and Lee Vaccaro use any and all means at their disposal to convince you to invest with them. If you invested with either of these men, or believe you have been the victim of a similar scheme, you may have legal rights that require your immediate attention.

Call a Securities Fraud Attorney Today

The Fraud Report partners with the law firm Dimond Kaplan & Rothstein, P.A.With offices in Los Angeles their securities lawyers have helped stockbroker fraud victims throughout Santa Monica, Beverly Hills, and Hollywood and recovered over $100 million from banks and brokerages firms for their wrongful actions.

Contact an attorney at Dimond Kaplan & Rothstein, P.A. today to schedule an appointment or consultation to review your rights and options.

Assurance Capital Management Investment Scam

Assurance Capital Management Investment Scam

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Federal prosecutors indicted a Tampa-area executive of Assurance Capital Management on fraud charges for allegedly running an $18 million investment scam while he already was on probation from previous offenses related to money laundering and fraud in Alabama.

Anthony Klatch is facing one count of wire fraud for running a scheme through his company, Assurance Capital Management LLC (ACM), which he purportedly told investors was a profitable online stock trading company with more than $18 million in client funds under management.

According to prosecutors, Klatch used Assurance Capital Management as a shell company to defraud his unsuspecting investors between June and September 2015. Instead of identifying himself, Klatch allegedly pretended to be a fund manager for ACM named Larry Heim. He also is accused of falsifying financial statements and other investment material to show that the company was profitable – and that it had more than $18 million in client accounts. Assurance Capital Management held little, if any, funds itself.

Instead, Klatch either lost client money via bad trades or used it for personal expenses. Klatch told investors to wire the money directly to ACM’s account at Chase Bank to be traded. He also asked for access to clients’ accounts so he could make trades on their behalf.

In addition to Klatch’s alleged fraud, he also did not disclose to his investors that he had previously pled guilty to securities fraud, wire fraud, conspiracy, and money laundering in 2011 – charges for which he spent three years in an Alabama prison.

Because of his prior conviction, Klatch was banned by the Commodities Futures Trading Commission and the SEC from trading in stock markets.

Call a Los Angeles Securities Fraud Attorney Today

As a general reminder, you should always check your broker’s credentials through an independent source. As with the case above, people willing to commit fraud will go to great lengths, including creating falsified financial statements, to take your money.

If you invested with Anthony Klatch, Larry Heim, or Assurance Capital Management, contact a qualified attorney to discuss your options. If you suffered a loss at the hands of a financial advisor, you may have certain legal rights that require your immediate attention.

Contact an experienced Los Angeles securities fraud attorney today for a consultation to discuss your rights and options.