LEON WILLIAM VACCARELLI Fraud Conviction

LEON WILLIAM VACCARELLI CRD#: 3227636, a 44 year-old former Waterbury, Connecticut broker was found guilty in May of 2018, of wire, mail and securities fraud and money laundering charges related to a $1.5 million fraud scheme. The jury found him guilty on all 21-counts.
In March of 2020, a federal judge denied an attempt to avoid prison by Vaccarelli. Vaccarelli’s lawyer filed a motion asking for the jury verdicts to be set aside, arguing that the jury should not have found him guilty as he lacked the intent to take his clients’ money, according to news reports. The motion was rejected by the judge. LEON WILLIAM VACCARELLI could face over 20 years in prison and may be responsible for restitution to his victims.
Vaccarelli was found guilty of perpetrating a Ponzi-like scheme that bilked his clients out of more than $1 million of their retirement savings. LEON WILLIAM VACCARELLI claimed that his alcoholism made it impossible for him to form the intent needed to carry out the crime.
Many of Vaccarelli’s former clients took the stand in his trial.  Including an intensive care nurse and retirees who testified he had told them their money was in various investments and earning interest. In fact, LEON WILLIAM VACCARELLI deposited their money into his own bank account and spent it on his personal expenses, which included a custom-built house.
Vaccarelli used his clients’ investments in a Ponzi-like scheme, taking cash from new clients to pay back older clients so they would think they were earning the interest.  In one instance, Vaccarelli used $100,000 from his client, telling her she would earn 7% interest.  In fact, Vaccarelli used her money to pay on his own loan, make a mortgage payments and took $75,000 of her money to pay back another victim in his Ponzi scheme.
LEON WILLIAM VACCARELLI was a registered representative of The Investment Center, and was an investment advisor associated with IC Advisory Services, Inc.  He was the owner and only member of LWLVACC, LLC, and did business through an entity named Lux Financial Services.  This fraud took place between 2011 – 2017.  There were  approximately 15 victims. Officials stated that many of Vaccarelli’s victims included elderly, and retirees.
According to FINRA’s BrokerCheck, available to the public on FINRA’s website, LEON WILLIAM VACCARELLI, has 15 Disclosures on his CRD report.  He had been in the securities industry for 17 years and was listed with 4 firms, the most recent listed below:
02/14/2011 - 08/03/2017  THE INVESTMENT CENTER, INC - WATERBURY, CT 
If you or an elderly family member were victims of the Ponzi-like scheme perpetrated by LEON WILLIAM VACCARELLI, formerly with THE INVESTMENT CENTER, INC of WATERBURY, CT, contact Soreide Law Group and speak to an experienced securities lawyer regarding the possible recovery of your investments through a FINRA arbitration at:  888-760-6552.
Soreide Law Group works on a contingency fee basis and we represent our clients nationwide before FINRA.