Former Bergen Man Admits Defrauding Investors Out Of $5 Million

BERGEN COUNTY, NJ — A former Alpine resident admitted in federal court Tuesday to defrauding people out of more than $5 million in an elaborate investment scheme.

James Trolice, 63, of Fairfield, Conn., pleaded guilty to securities fraud and transacting in criminal proceeds.

Trolice was the president and owner of Trolice Consulting Services LLC and the president and chief marketing officer of eAgency, a California-based company that developed mobile security products, said Acting U.S. Attorney William E. Fitzpatrick.

Trolice and Lee Vaccaro, 45, of Las Vegas, sold investors interests in Trolice Consulting Services and companies Vaccaro controlled, Fitzpatrick said.

Vaccaro controlled and falsely represented to investors that those companies held securities in eAgency, the attorney said.

Trolice admitted that he misrepresented the number of securities eAgency owned and the amount of money he had invested in the company, Fitzpatrick said.

He also admitted that beginning more than five years ago the amount of securities he and Vaccaro sold began to surpass the amount of securities they owned; neither Vaccaro and Trolice told investors the risk that their investments would be diluted by the sale of the securities, Fitzpatrick said.

Trolice and Vaccaro defrauded investors out of more than $5 million, the attorney said.

Trolice faces 20 years in prison and a $5 million fine. Sentencing is scheduled for July 20.

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