Investor, advisor indicted on 51 counts

PROVIDENCE — Todd J. LaScola, an investment advisor associated with two firms,
CPI Investment Management, Inc. and CPA Advisors Network, has been indicted by
a federal grand jury on 55 counts alleging embezzlement, taking illegal commissions,
mail fraud and mishandling a union pension fund. United States Attorney Margaret
E. Curran announced the indictment, which was returned in U.S. District Court,
Providence, where LaScola was to be arraigned. The indictment alleges that LaScola
embezzled from investors’ accounts, took illegal commissions from a real estate
financier for investing pension fund assets of the International Brotherhood of
Electrical Workers, Local 99, and then fraudulently took about $6 million from
other investors’ accounts to replace assets taken from Local 99’s pension fund.
Between 1994 and 1998 LaScola is alleged to have taken about $393,000 from four
clients’ accounts and used the money for his own purposes. LaScola is also charged
with six counts of mail fraud related to the embezzlement fraud.