Home Courts Fairfield resident sentenced in $5M securities fraud case

Fairfield resident sentenced in $5M securities fraud case

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A Fairfield resident has been sentenced to 19 months in federal prison for his role in a securities scheme that defrauded investors out of more than $5 million, according to U.S. States Attorney for New Jersey Craig Carpenito.

James Trolice, the former owner and president of Trolice Consulting Services LLC and president and chief marketing officer of eAgency, pleaded guilty in U.S. District Court in Newark earlier this year to charges of securities fraud and transacting in criminal proceeds.

The charges stated that beginning in January 2011, Trolice and his business partner Lee Vaccaro sold interests in Trolice Consulting Services and companies controlled by Vaccaro, falsely representing to investors that those companies held warrants in California-based mobile security products provider eAgency. In addition to the prison term, Trolice was sentenced to three years of supervised release and ordered to pay $5,000,512.65 representing the proceeds of his offense.

“Trolice admitted that he made oral and written misrepresentations concerning the existence, number, validity, and term of eAgency warrants purportedly owned by the investment companies; the amount of money he had personally invested in and raised for eAgency; and his current position at eAgency,” Carpenito said.

Vaccaro previously pleaded guilty to his role in the scheme and was sentenced to 78 months in prison on Feb. 17, 2017.

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