- Associated Press - Wednesday, May 4, 2016

NEWARK, N.J. (AP) - Federal prosecutors in New Jersey say a Nevada man defrauded investors out of more than $5 million dollars.

Lee Vaccaro was arrested Wednesday and charged with securities fraud and conspiracy. The 44-year-old Las Vegas man was due to make his initial court appearance in Nevada later in the day.

Prosecutors say Vaccaro and another person sold investors interests in companies they controlled. They say the pair falsely told investors that the companies held warrants in a California-based company that develops mobile security products.

Warrants are derivative securities that give the holder the right to purchase common stock at a specific price within a certain time frame.

Vaccaro faces up to 25 years in prison if he’s convicted on both counts. It wasn’t known if he has retained an attorney.

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