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.”