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SEC charges unregistered brokers with misusing investor money

By 1 min read
A sign for the SEC is pictured in the foyer of the Fort Worth Regional Office in Fort Worth

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.

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

(Reporting by Lisa Lambert; Editing by Chizu Nomiyama)

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