NEW YORK, Aug. 21, 2017 (GLOBE NEWSWIRE) -- The law firm of Gana LLP has filed one of the first complaints against The Investment Center for theft claims related to its former broker, Leon Vaccarelli. According to the statement of claim filed with FINRA, Mr. Vaccarelli stole approximately $80,000 from an investor. According to sources that have asked to not be named, the FBI is investigating Mr. Vaccarelli’s conduct and have determined that he may have stolen up to $1 million from investors.
On July 19, 2017, Mr. Vaccarelli was terminated from his employment with the Investment Center. Mr. Vaccarelli has had a checkered regulatory history. For example, on November 24, 2015, FINRA suspended Mr. Vaccarelli from selling securities for one month and fined him for exercising discretion in customer accounts without permission. Specifically, FINRA alleged that between 2011 through 2015 Mr. Vaccarelli exercised discretion in four customers’ accounts. FINRA found that Mr. Vaccarelli exercised discretion even though he did not have written authorization from the customers to place discretionary trades. In addition, Mr. Vaccarelli’s brokerage firm had not approved and accepted the accounts as discretionary. FINRA also found that on four annual compliance questionnaires between 2011 and 2014, Vaccarelli falsely certified that he did not handle any customer accounts on a discretionary basis.
“Mr. Vaccarelli’s actions were outrageous,” said Adam Gana, managing partner of Gana LLP. “We fight everyday for our clients, Mr. Vaccarelli’s actions were inappropriate and we are seeking to recoup money from his former employer. This shouldn’t happen to anyone.”
The attorneys at Gana LLP have represented hundreds of individual and institutions that have been the victim of financial fraud in arbitrations and in court seeking to recover losses. Gana LLP is a nationally recognized law firm for investor protection.
If you were an investor with Leon Vaccarelli and suspect your money was stolen and want a free consultation with an attorney please contact Adam Gana at (212) 776-4251 or by e-mail at AGana@GanaLLP.com. You may also visit the firm’s website at www.ganalawfirm.com.