Investment Adviser Indicted On $1 Million Fraud Allegations

WATERBURY, CT — Waterbury investment adviser Leon Vaccarelli, 42, was indicted on a 21 counts related to allegations that he defrauded investors of more than $1 million.

Vaccarelli was previously indicted on 12 counts in May 2018 with new counts added this week.

He was a registered representative with The Investment Center, a brokerage company and was an adviser associated with IC Advisory Services Inc., according to the indictment. He sold investments and securities to people in the Waterbury area.

The indictment alleges that he would deposit customer funds into his own personal and business accounts and use them to pay business and personal expenses, including tuition and mortgage payments. He'd also use customer funds to make "interest payments" to other investors.

He is released on a $100,000 bond pending trial. He is charged with mail fraud, wire fraud and money laundering.