By Jay Fishman, J.D.
The U.S. Virgin Islands, the latest jurisdiction to begin regulating securities by adopting the Model Uniform Securities Act in 2005 and some coordinating administrative orders in 2005 and 2006, has just decided its first securities case at trial court level. A V.I. Superior Court Jury on February 8, 2009 found a St. Thomas man guilty of impersonating an investment adviser and running a $500,000 scam. The jury found 21-year old Vinny Gagliani guilty of multiple counts of general fraud, embezzlement by fiduciaries, violating V.I. investment adviser registration requirements, engaging in prohibited conduct by providing investment advice, and delivering a worthless check. The crimes were committed in 2006 and 2007.
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