A Fairfield resident admitted his role in a scheme that defrauded investors out of $5 million.
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, New Jersey, to charges of securities fraud and transacting in criminal proceeds. Beginning in January 2011, Trolice and his business partner Lee Vaccaro sold interests in Trolice Consulting Services and companies controlled by Vaccaro and falsely represented to investors that those companies held warrants in eAgency, a California-based mobile security products provider.
Vaccaro previously pleaded guilty to his role in the scheme and was sentenced Feb. 17 to 78 months in prison. Trolice faces sentencing on July 20; the securities fraud count carries a maximum potential penalty of 20 years in prison and a $5 million fine, while the transacting in criminal proceeds count carries a maximum potential penalty of 10 years in prison and a $250,000 fine, or twice the gross gain or loss from the offense.
