Articles Tagged with Vincent P. Falci

In federal court in New Jersey, a jury has found former investment manager Vincent P. Falci guilty of securities fraud and multiple counts of wire fraud related to a $10B Ponzi scam that defrauded over two hundred of his former clients, including Falci’s own relatives, friends, business associates, police officers, and firefighters. Falci was formerly the fire chief in Middletown, NJ.

According to a statement by the US Justice Department, Falci convinced his clients to invest in Vicor Tax Receivables, LLP and the Saber Funds, both of which were under his control. The Saber Funds were supposed to be low risk while offering high returns. Instead, Falci diverted $10M in investors’ money either to himself, his family, and companies he ran or into more high-risk investments, including real estate and day trading, both of which led to losses.

Falci is accused of hiding the losses and fraud. He did this through fake monthly statements showing investors that they were making money, which is why clients continued to work with him. Meantime, he stole from the Vicor Funds to pay Saber Funds investors their returns that they were promised.