Financial Advisor To Professional Athletes Charged In Plot To Scam His Clients
The Federal Government has brought charges against Joseph Vaccaro, the CEO of Dynasty Management, which helps professional athletes “manage their business and wealth,” for conspiracy to commit fraud.
According to the complaint, which was filed in United States District Court for the Southern District of California on or around October 2, 2014, the purpose of the conspiracy was to defraud investors by concealing material facts relating to the investors’ funds and the compensation to Vaccaro. During recorded conversations, Vaccaro discussed obtaining professional athletes’ funds through fraud and deceit. Vaccaro was going to get his clients to invest in a deal where Burger King restaurants would be purchased, and his associates would secretly make an instant $4 million profit and own 50% of the restaurants without putting up any cash.
Vaccaro also said during a taped conversation, “My big thing is, these guys would all f*ck us in a heartbeat if they could. So if I’m going to have a player, I’m going to make as much money as I can because I run the risk of him firing me at any time for no reason.”
There were red flags surrounding Vaccaro prior to the charges. Vaccaro was suspended by FINRA in 2013, and was no longer registered as a financial advisor with FINRA, although he continued holding himself out as someone who manages business and wealth for professional athletes. Vaccaro was terminated from Fusion Analytics Securities for lack of production in 2011. Vaccaro was placed on administrative leave just prior to leaving Wells Fargo Advisors in 2009. Finally, when Vaccaro left Oppenheimer & Co. in 2010, he was under internal review by the firm.
The attorneys at Carlson & Associates, P.A., located in Miami, Florida, represent investors who have lost money due to the improper conduct of financial advisors. Carlson & Associates, P.A. currently represents a dozen professional athletes who have most money due to the improper conduct of financial advisors. If you would like to have a free consultation, we can be reached at (305) 372-9700 to discuss your options.
