- Associated Press - Wednesday, May 9, 2018

NEWARK, N.J. (AP) - A Connecticut man involved in a scheme that defrauded investors out of more than $5 million has been sentenced to nearly two years in prison.

James Trolice and a co-conspirator, Lee Vaccaro of Las Vegas, sold investors interests in companies they controlled. The pair falsely told investors the companies held warrants in a California-based firm that develops mobile security products.

Warrants are derivative securities that allow the holder to buy common stock at a specific price within a certain time frame. Trolice and Vaccaro admitted making misrepresentations about the existence, number, validity, and term of the warrants.

Trolice, a 64-year-old Fairfield resident, pleaded guilty to securities fraud and transacting in criminal proceeds. He received a 19-month sentence Tuesday.

Vaccaro is serving a 78-month sentence that was imposed in February 2017.

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