The SEC charged James R. Trolice and Lee P. Vaccaro with pocketing investor money they raised for companies they owned and controlled that they claimed held warrants to purchase the common stock of a technology startup company. The SEC alleges that Trolice and Vaccaro raised approximately $6 million from more than 100 investors by creating a false sense of urgency and exclusivity around the offering and then used investor funds to pay for personal expenses such as credit card bills, college tuition, landscaping, and at Las Vegas casinos. The SEC also alleges that neither Trolice nor Vaccaro were registered with the SEC or any state regulator. SEC
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