What You Must Know
- An ex-broker waived his proper to be indicted and pleaded responsible on Thursday in U.S. District Court docket for the District of Connecticut in Hartford.
- The offense carries a most jail time period of three years.
- Sentencing is scheduled for April 6.
A former dealer waived his proper to be indicted and pleaded responsible on Thursday in U.S. District Court docket for the District of Connecticut in Hartford to 1 rely of submitting a false tax return, in keeping with the Justice Division, Inner Income Service and courtroom paperwork.
Thomas Pacilio, 64, of Westport was launched on $350,000 bail, pending sentencing. U.S. District Choose Sarala V. Nagala scheduled sentencing for April 6.
The offense carries a most jail time period of three years, Vanessa Roberts Avery, U.S. lawyer for the District of Connecticut, and Joleen D. Simpson, particular agent in control of IRS Legal Investigation in New England, mentioned in asserting the plea.
Pacilio is now not a registered dealer however remains to be registered as an funding advisor, in keeping with his report on the Monetary Trade Regulatory Authority’s BrokerCheck web site.
He labored for 9 corporations over the course of his 22-year profession within the sector. These firms included Lehman Brothers (1992-1993), Smith Barney (1993-1995), Merrill Lynch (1995-2006), Morgan Stanley (2006-2012) and LPL Monetary (2012-2014).
In accordance with courtroom paperwork and statements made in courtroom, in 2011, Pacilio and his accomplice began Clapboard Hill Advisors, a monetary providers enterprise headquartered in Westport. In 2013, Pacilio created Alcamo Holding Corp., an 1120-S company, and transferred his Clapboard Hill partnership curiosity to Alcamo.
In 2014, Pacilio, through Alcamo, and his accomplice, by a separate 1120-S company, offered Clapboard Hill Advisors to McGladrey Wealth Administration. Underneath the sale settlement, McGladrey agreed to make a lump sum fee at closing, in keeping with the Justice Division and IRS.
