Finance

Financial adviser who stole $1 million from clients faces 17 to 21 years



Leon Vaccarelli, 43, proven right here on the left, stands along with his legal professional Jonathan Einhorn, outdoors of federal court docket in New Haven in 2018. Republican-American archives

WATERBURY — The sentencing listening to for a monetary adviser who bilked his former purchasers out of greater than $1 million started Thursday and is scheduled to renew Friday.

A jury discovered Leon Vaccarelli, 43, of Waterbury, responsible of 21 federal crimes, together with wire, mail and securities fraud after a prolonged trial in Might 2018. He orchestrated a Ponzi-like scheme that bilked purchasers out of their retirement financial savings, however claimed his alcoholism fogged his pondering, making it unimaginable for him to kind the intent wanted to hold out the crime.

Vaccarelli appeared Thursday earlier than U.S. District Decide Janet Arterton in New Haven, whereas a lot of his victims appeared by way of Zoom.

Federal pointers name for a jail sentence of 17 to 21 years, along with restitution to the victims.


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