- Associated Press - Saturday, June 4, 2016

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

Lee Vaccaro now faces up to 25 years in prison when he’s sentenced in September.

The 44-year-old Las Vegas man pleaded guilty Thursday to securities fraud and conspiracy charges.

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 also admitted that he and the other person made misrepresentations about the existence, number, validity, and term of the warrants.

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