NEWARK, N.J. (Legal Newsline) – Trolice Consulting Services LLC and president James R. Trolice have been mandated by the New Jersey Bureau of Securities to pay a $2.5 million civil penalty for allegations of selling unregistered securities to investors.
“Victims of Trolice, Vaccaro and Mackaronis purchased certain securities based on false representations made by three people whose only interest was in stealing their money,” Steve Lee, acting director of the New Jersey Division of Consumer Affairs, said.
According to allegations, Trolice and two accomplices duped more than 170 investors, including 111 in the state of New Jersey, into buying LLC membership interests in companies that supposedly held valuable warrants. These types of securities enable the holder to purchase stock at a certain price until a desired expiration date. The state alleges that these companies in actuality held less, and in some cases, held no warrants at all.
“Trolice, Vaccaro and Mackaronis spun a web of lies to trick unsophisticated investors into purchasing interests in companies that had little or no value,” Acting Attorney General Robert Lougy said. “The civil penalties they’ve been ordered to pay will serve as a sharp reminder that this kind of fraud won’t be tolerated.”