Man charged with defrauding investors in $1M Ponzi scheme

NEW HAVEN, Conn. - A Connecticut financial adviser has been charged with running a Ponzi scheme and defrauding clients out of more than $1 million.

The U.S. Securities and Exchange Commission filed a complaint at federal court in New Haven on Thursday, alleging 40-year-old Leon Vaccarelli engaged in a Ponzi scheme for more than four years. The New Haven Register reports (http://bit. ly/2vQxzIC ) the agency is asking to freeze Vaccarelli and his investment firm’s assets, and force him to repay clients.

The complaint contends Vaccarelli used money from new investors to pay off old investors, alongside skimming off the top for personal expenses.

Vaccarelli couldn’t be reached for comment.