Folsom man pleads guilty in $40M investment scam
Corporate Law
The president of a Northern California financial firm has pleaded guilty to wire fraud in an investment scam that bilked more than 300 people out of roughly $40 million.
Federal prosecutors in Sacramento say Anthony Vassallo and his associates collected about $80 million, returning half to clients to lull them into thinking they were getting a good return on their investment.
The 33-year-old Folsom man pleaded guilty Friday. He could face 16 years in prison under a plea agreement when he is sentenced May 3.
His Equity Investment Management and Trading Inc. promised investors risk-free, 36 percent annual returns, but he put their money into high-risk investments and personal luxuries, including a $103,000 Lexus for his wife.
Investigators say he met many of his victims through the Mormon church.
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How do you qualify for workers compensation in Illinois?
The Workers’ Compensation Statute protects every employee in the State of Illinois.
A victim of a work-related injury or illness is eligible for many forms of compensation including reasonable medical care required to cure or relieve the impact of the injury, lost time from work, and any temporary or permanent disability.
Illinois Workers’ compensation is a system of benefits that:
– Pays for the medical treatment and medical bills incurred by work-related injuries and illnesses.
– Pays for the lost time from work
– Pays for any temporary or permanent disabilities
– Covers nearly every employee in Illinois
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Employers in Illinois are required to purchase workers’ compensation insurance for their employees and the insurance companies fund the payment of worker’s compensation benefits for employees’ claims. In the event of a dispute, the Illinois Workers’ Compensation Commission (IWCC, or the Commission) enforces the state’s worker’s compensation laws and protects worker rights.