July 1, 2020

Leonard J. Cipolla of Richmond, Virginia, was sentenced to ten years in prison for bilking more than $7 million in investor funds from customers of his Tate Street Trading, Inc..  Cipolla falsely told the investors that he was a successful commodities trader and could guarantee them a fixed rate of return.  In fact, Cipolla diverted the investor funds that he did not lose through speculative trading, and provided his customers with false account statements. USAO EDVA (Restitution order)

Tagged in: Criminal Proceedings, Financial and Investment Fraud, Misrepresentations,