SEC charges unregistered brokers with misusing investor money

May 4, 2016 | By Reuters

WASHINGTON (Reuters) – The top U.S. securities regulator on Thursday charged two unregistered brokers, James Trolice and Lee Vaccaro, for allegedly using money raised for their limited liability companies to pay bills and gamble.

The Securities and Exchange Commission said the two allegedly raised $6 million from more than than 100 investors by claiming their companies had a limited number of warrants to purchase common stock of a technology startup company that could be exercised at a high price.

The regulator said neither man was registered with the SEC or any state agency.

(Reporting by Lisa Lambert; Editing by Chizu Nomiyama)

← Previous Post Next Post →

SEC charges unregistered brokers with misusing investor money

A Massive 98,000-pound Mega-Ship Has Debuted In China

Texas, other states ask judge to halt Obama transgender policy

Harmless gas released in New York subway for security test

Never-Before-Seen Color Photos Of The ‘Titanic’ Bring Its Lost Beauty To Life

Bodies of U.S. climbers left on Tibetan peak out of respect

U.S. national security adviser sees few immediate Brexit concerns

Resistance Growing as 180 Groups Call for a ‘No’ Vote on Trump’s FERC Nominees

Lighten up at airport security lines, U.S. judge tells travelers

Growth Forecast Unchanged Ahead of Expected Rate Hike

Lagerfeld pays tribute to atelier seamstresses at Chanel show