5 p.m., May 26
Bobby Vassallo Indicted for Wire Fraud
Alfred Louis "Bobby" Vassallo, who ran a major scam out of a posh La Jolla home, has been indicted criminally for wire fraud by a grand jury in the Central District of California.
The indictment charges that Vassallo obtained money fraudulently from an unnamed victim through false and fraudulent pretenses. The victim was offered to invest in a wireless communications adventure in Tahiti and elsewhere in French Polynesia, according to the indictment.
But Vassallo didn't tell the victim that he had been sued by the Securities and Exchange Commission over a San Diego scam, Presto Telecommunications; that a permanent injunction precluded him from offering securities, and he had not paid a judgment of more than $1 million.
The victim put up $90,000 and Vassallo used it on himself, according to the indictment.
More like this:
- One San Diego bad boy sentenced, one released — Aug. 25, 2015
- Texas-sized b.s. — May 8, 2015
- Vassallo Has Serious Criminal Exposure, Says His Lawyer — Dec. 10, 2010
- SEC Seeks Contempt Order Against Vassallo — Sept. 21, 2010
- SEC Cocks an Eyebrow at Bobby Vassallo Again — Feb. 3, 2010