David Saks: FinancialAdviser Guilty of Conspiring to Defraud Professional Athletes

David Saks - Real Estate Broker - The Real Estate Mart of Tennessee, Inc. - 4040 North Watkins-Suite #4 - Memphis, Tennessee 38127 - Phone (901) 357-4663

FinancialAdviser Guilty of Conspiring to Defraud Professional Athletes

New York Financial Adviser Pleads Guilty to

Conspiring to Defraud Professional Athlete


U.S. Attorney’s Office February 02, 2015
  • Southern District of California (619) 557-5610

SAN DIEGO, CA—United States Attorney Laura E. Duffy announced today that

Joseph Vaccaro,

financial advisor for professional athletes and entertainers, has admitted to plotting to defraud investors in a multimillion dollar investment scheme.

As set forth in his Plea Agreement, on June 5, 2014, Vaccaro and co-defendant Vincent “Vinnie” Porter flew to California to meet with a financial advisor for professional athletes. Unbeknownst to Vaccaro and Porter, the financial advisor was working as a confidential informant for the FBI. At the covertly recorded meeting, Vaccaro pitched the FBI informant on a fraudulent scheme they could use to convince clients to purchase Burger King franchises and some associated real estate for $15 million.

As part of his plea agreement, Vaccaro admits that over the next few months, he and Porter devised a plot to hoodwink investors by telling them that the Burger King franchises would be purchased for $37 million, when in fact their true value was less than half that amount. The conspirators also concealed the fact that they intended to take millions of dollars “off the top” of the deal, and fraudulently take a 50% ownership interest in the franchises themselves. Vaccaro and Porter discussed the fraudulent conspiracy with the FBI informant, who eventually arranged for the two men to travel to San Diego to convince a purported client to invest in the franchises.

Vaccaro also admitted that on October 1, 2014, he and Porter flew back to California to meet with who they thought were a wealthy potential investor and her financial advisor, and to convince the investor to pay $2 million towards the Burger King deal. In actual fact, however, both the potential investor and financial advisor were undercover FBI agents. During the covertly recorded meeting, Vaccaro continued to solicit the undercover FBI agent to invest in the Burger King deal by falsely stating that Vaccaro had secured millions of dollars from other investors, and that the eventual purchase price of the Burger King franchises would not be less than “$35 million.” As the conspirators had discussed earlier, however, they actually planned to purchase the franchises for approximately $16 million, and would simply pocket the difference between investors’ payments and the actual purchase price. At the conclusion of the meeting with undercover FBI agents, both Vaccaro and Porter were arrested.

Vaccaro is scheduled to be sentenced on April 27, 2015, at 9:00 a.m. before U.S. District Court Judge Cynthia Bashant. Porter has pleaded not guilty to all charges. He is next scheduled to appear before U.S. District Judge Bashant on March 23, 2015 at 2:00 p.m.

*An indictment or complaint is not evidence that the defendants committed the crimes charged. The defendants are presumed innocent until the Government meets its burden in court of proving guilt beyond a reasonable doubt.


  • Age: 36
  • Howell, New Jersey
  • Case Number: 14cr3171-BAS


Title 18, United States Code, Section 1349—Conspiracy to Commit Wire Fraud. Maximum penalties: 20 years in prison, $250,000 fine, term of supervised release of three years, restitution, forfeiture, and $100 special assessment.


Federal Bureau of Investigation

This content has been reproduced from its original source.

David Saks

Time&Temp Memphis

Legal Disclaimer
Please be advised that:

 The information and notices contained in this blog are intended to summarize recent developments and news. The posts are presented as general research and information. These posts are not intended, nor should be regarded, as legal advice. Some blog posts concern allegations made in civil lawsuits and in criminal indictments in United States Courts. All persons are presumed innocent until convicted of a crime and proven guilty. Readers who have particular questions or who believe that they need legal counsel should seek the advice of a qualified attorney. It is neither the editor's or author's intention to create a confidential relationship or any broker-client relationship via communication from this site at any time. Please consult with your state real estate board if questions & answers in the education section conflict with the laws of your region or if you need clarification regarding their applicability or how they may govern the services that you provide.

By entering this web site, you understand the following:
When you select a link to an outside Web site, you are subject to the privacy, copyright, security, and information quality policies of that Web site. David Saks:
1.DOES NOT control or guarantee the accuracy, legality, relevance, timeliness, or completeness of information contained on a linked Web site;
2.DOES NOT endorse linked Web sites, the views they express, or the products/services they offer unless linked web sites, the views they express, or the products/services they offer endorse or support David Saks in accordance with the standards of the Tennessee Real Estate Commission and the Federal Government's laws regarding commerce and the application, solicitation and transmission of internet-related concerns, commerce or social networking;
3.CANNOT authorize the use of copyrighted materials contained in linked Web sites;
4.IS NOT responsible for transmissions users receive from linked Web sites;
5. That DavidSaks.Com is biographical & real estate related. Some links within will leave this site.
6. http://activerain.com/profile/davidsaks is internet-compliant & abides by the rules & regulations of the Tennessee Real Estate Commission, Eve Maxwell, Executive Director.
7. Unless indicated otherwise, ActiveRain does offer listings, or IDX and is provided for licensed salespersons, brokers, buyers & sellers of real property as a community & professional service.
8. David Saks is a retired / licensed real estate broker in the State of Tennessee, license #290452, and an independent contractor.
9. Information is believed to be accurate, but not guaranteed, at any realty link or document connected to the World Wide Web & viewable by anyone connected to the internet who has a web browser.
10. Brokers, buyers, sellers, agents & anyone should independently verify any information prior to submitting any offer to purchase goods & services from any link.
11. Please Visit The American Real Estate Alliance or Memphis.8k.Com for additional information regarding property issues for real estate professionals and consumers.


Photos © & Licensed by Nova Development

All Content Protected © 
Before you even think about
committing a real estate crime
click this red button.
Real Estate Crimes

© All Rights Reserved.





"Information generated by the Department of Justice is in the public domain and may be reproduced, published or otherwise used without the Department’s permission. Citation to the Department of Justice as the source of the information is appreciated, as appropriate."

Department of Justice Legal Policies


  Real Estate Crimes


Click "HERE" For Today's Question



TheListen Now!

David Saks Show

Saturday Nite

9pm-12am Central

University of Memphis



America's Hobby

Click Elvis

Mr.Saks' participation in ActiveRain ended April 13, 2015.

His blog archives will remain online.

May God bless you.

Comment balloon 2 commentsDavid Saks • February 04 2015 05:35AM


Well this is pretty crappy....I hope you get some good news locally too today ;-)

Posted by Kristin Johnston - REALTOR®, Giving Back With Each Home Sold! (RE/MAX Realty Center ) over 5 years ago

It really does stink, Kristin. I have a ton of white collar crime reports and many new real estate fraud cases to review. It's bad beyond belief. I don't have time to get to all of it today. Maybe that's the good news :-)

Posted by David Saks ((retired)) over 5 years ago

This blog does not allow anonymous comments