In October 2020, a judge sentenced former financial adviser Leon Vaccarelli of Waterbury, Connecticut to seven-and-a-half years in federal prison. This followed a trial in 2018, when a jury determined that Vaccarelli had committed a total of 21 federal crimes, including money laundering and securities fraud. According to the prosecution, Vaccarelli stole money from investors…

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Variable annuity investments are complicated, and many financial advisors believe their complexities make them unsuitable for most investors. These investments are contracts with insurance companies that are set up similarly to mutual funds — they comprise a bundle of securities that will hopefully perform well enough to generate interest. When a variable annuity starts making…

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The SEC alleges that a California company, Professional Financial Investors, Inc., made Ponzi-like payments using notes sold by a related entity, Professional Investors Security Fund. In a recent complaint, the SEC also alleges that Lewis Wallach, the former president of Professional Financial Investors, misappropriated funds. According to the SEC, Wallach raised funds from investors by…

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