Leon Vaccarelli was a Connecticut base securities broker. He worked in the securities industry for seventeen years. During his career, he was registered with four different securities firms.
His registrations included; Ameriprise Financial Services (1999-2007), IDS Life Insurance Company (1999-2006), QA3 Financial Corp. (2007-2011), and The Investment Center (2011-2017). He is no longer working as a registered securities broker in any fashion.
Leon Vaccarelli’s publicly available FINRA BrokerCheck report shows that he has received multiple customer complaints over the course of his career.
In May 2010, a customer alleged that Vaccarelli misrepresented a REIT investment to her.
In November 2015, Leon Vaccarelli was officially sanctioned by FINRA. The findings in this matter state that he exercised discretion in customers’ accounts without written authorization from the customers, or by having his member firm accept the accounts as discretionary. Due to these alleged actions, he was fined $7,500 and suspended from acting as a securities broker in any fashion for a period of one month.
In August 2017, Leon Vaccarelli was sanctioned by the United States Securities and Exchange Commission. The findings in this matter state that he, through his business Lux Financial Services, misappropriated and misused investment funds he obtained from customers. He allegedly used various different methods to secure funds including; allegedly stealing from a trust fund for which he was the trustee, soliciting his customers from his affiliated firm ‘The Investment Center’ for additional funds while allegedly falsely representing it would be invested in their existing brokerage accounts, or even persuading customers to sell existing investments, like annuities, to fund purchases of notes. Vaccarelli allegedly secured over $1 million from nine different investors, most of whom were elderly investors. He then allegedly used these funds to pay for personal expenses. These civil charges are currently pending.
Leon Vaccarelli received four complaints throughout October 2017 from the above mentioned elderly customers alleging fund conversion and civil theft. These complaints are all currently pending. The customers are seeking approximately $200,000 in damages.
Leon Vaccarelli received an additional complaint in June 2018 from one of the elderly customers alleging misappropriation of funds. This case is also currently pending. This customer is seeking $300,000 in damages.
Leon Vaccarelli is currently facing criminal charges for money laundering, mail fraud, and wire fraud.
Oakes & Fosher dedicates its entire legal practice to helping investors across the nation. If you or someone you know, have lost money investing with Leon Vaccarelli, please contact Oakes & Fosher for a free and private consultation.