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Alfred Louis "Bobby" Vassallo showed up yesterday (Oct. 7) for a hearing on whether he should be held in contempt of court. He had no lawyer. Vassallo claimed he didn't understand why the Securities and Exchange Commission is pursuing him. There are several reasons: he fleeced a bunch of investors in a company named Presto Telecommunications. In 2005, the SEC enjoined him permanently from committing securities fraud. He was told to pay the agency $2 million and has not done so. He has gone on to launch other telecommunications businesses. The SEC showed in court how Vassallo is up to his old tricks: he tells investors their money will go for equipment and then he steers the bucks into his lush lifestyle. He was told to show up Oct. 25 with a lawyer. Judge Irma Gonzalez has warned that he might get jail time. After a bankruptcy, Vassallo left La Jolla and returned to his native Texas, but is now living on Marine St. in La Jolla, says the SEC.
Alfred Louis "Bobby" Vassallo showed up yesterday (Oct. 7) for a hearing on whether he should be held in contempt of court. He had no lawyer. Vassallo claimed he didn't understand why the Securities and Exchange Commission is pursuing him. There are several reasons: he fleeced a bunch of investors in a company named Presto Telecommunications. In 2005, the SEC enjoined him permanently from committing securities fraud. He was told to pay the agency $2 million and has not done so. He has gone on to launch other telecommunications businesses. The SEC showed in court how Vassallo is up to his old tricks: he tells investors their money will go for equipment and then he steers the bucks into his lush lifestyle. He was told to show up Oct. 25 with a lawyer. Judge Irma Gonzalez has warned that he might get jail time. After a bankruptcy, Vassallo left La Jolla and returned to his native Texas, but is now living on Marine St. in La Jolla, says the SEC.