Tag:

Securities Fraud

$185M Scheme: Trio, Including Manhasset Man, Nabbed For Defrauding 1,400 Investors, Feds Say $185M Scheme: Trio, Including Manhasset Man, Nabbed For Defrauding 1,400 Investors, Feds Say
$185M Scheme: Manhasset Man Among Trio Charged By Feds Three New York men have been charged in connection with a $185 million fraud scheme involving over a thousand investors, federal authorities announced. The three are Long Island resident Mario Gogliormella, age 47, of Manhasset; and New York City residents Steven Lacaj, age 27, of Manhattan, and Karim Ibrahim, age 34, of Queens, also known as “Chris Hayes." “By allegedly raising approximately $185 million from over 1,400 investors, Mario Gogliormella, Steven Lacaj, and Karim Ibrahim left a trail of shattered trust and financial ruin," US Attorney for the Southern Distric…
NY Personal Pilot To Billionaire Investor Admits Role In Insider Trading Scheme NY Personal Pilot To Billionaire Investor Admits Role In Insider Trading Scheme
NY Personal Pilot To Billionaire Investor Admits Role In Insider Trading Scheme A private pilot from New York has admitted to taking part in an insider trading scheme involving his billionaire boss. Albany County resident Patrick O’Connor, age 67, of Preston-Potter Hollow, pleaded guilty to securities fraud in Albany federal court on Monday, Feb. 26. O’Connor worked as a personal pilot to billionaire Joseph Lewis, a British businessman and investor who is the principal owner of the Tavistock Group, an international private investment organization. According to prosecutors, Lewis, age 87, was regularly given material, non-public information about various companies for …
$2M Fraud Scheme: Long Island Trio Steals Millions From Financial Services Company, Feds Say $2M Fraud Scheme: Long Island Trio Steals Millions From Financial Services Company, Feds Say
$2M Fraud Scheme: Long Island Trio Steals Millions From Financial Services Company, Feds Say Three Long Island men are among several people accused in an elaborate scheme to defraud a financial services company out of millions. An indictment unsealed in Central Islip federal court on Tuesday, Oct. 31, charges four men with conspiring to commit securities fraud and money laundering. The following Suffolk County residents are named in the indictment: Christopher Flagg (aka “Venus”), age 28, of Copiague Daquan Lloyd (aka “Payday”), age 29, of Copiague Eduardo Hernandez (aka “Ghost”), age 33, of Lindenhurst According to prosecutors, the group created hundreds of sham brokerage accoun…
$30M Insider Trading Case: NY Duo Profited From Pharmaceutical Merger Info, Feds Say $30M Insider Trading Case: NY Duo Profited From Pharmaceutical Merger Info, Feds Say
$30M Insider Trading Case: NY Duo Profited From Pharmaceutical Merger Info, Feds Say Four men from New York and Massachusetts, including a police chief, are accused of making millions of dollars through an insider trading scheme involving one pharmaceutical company’s acquisition of another. The case, announced by the US Attorney’s Office in the Southern District of New York on Thursday, June 29, is one of four separate insider trading cases that reportedly generated a combined $30 million for those involved. Named in the case are: Shawn Cronin, age 43, of Dighton in Bristol County, Massachusetts and chief of the Dighton Police Department Joseph Dupont, age 44, of Rehoboth…
'CryptoQueen' Charged In NY On FBI's 10 Most Wanted: May Have Armed Guards, Changed Appearance 'CryptoQueen' Charged In NY On FBI's 10 Most Wanted: May Have Armed Guards, Changed Appearance
'CryptoQueen' Charged In NY On FBI's 10 Most Wanted: May Have Armed Guards, Changed Appearance A woman charged in New York with stealing billions of dollars from investors around the world may have changed her appearance and be traveling with armed guards, according to federal agents.  Bulgaria native Ruja Ignatova, age 42, has been placed on the Federal Bureau of Investigation's Ten Most Wanted Fugitive List for participating in a fake cryptocurrency scheme that defrauded victims of more than $4 billion in total.  The scheme began in 2014 when Ignatova founded OneCoin Ltd., a Bulgaria-based company that marketed a fake cryptocurrency to investors. To solicit funds, she would make f…
NY Man, Partner Sentenced For Roles In $1M Ponzi Scheme NY Man, Partner Sentenced For Roles In $1M Ponzi Scheme
NY Man, Partner Sentenced For Roles In $1M Ponzi Scheme A Westchester County man and his business partner have been sentenced for their roles in a nearly decade-long $1-million Ponzi scheme. White Plains resident James Doyle, age 74, and Carl Carro, age 61, of Walton, Delaware, were convicted of defrauding investors in New York and throughout the nation. On Thursday, Jan. 12, Carro was sentenced to four to eight years in prison, and Doyle was sentenced to five years probation, New York Attorney General Letitia James announced. As part of their respective sentences, Carro and Doyle agreed to pay a total of more than $1 million in judgments …
Broker Sentenced In LI ‘Boiler Room’ Scheme That Defrauded Elderly Out Of Millions Broker Sentenced In LI ‘Boiler Room’ Scheme That Defrauded Elderly Out Of Millions
Broker Sentenced In LI ‘Boiler Room’ Scheme That Defrauded Elderly Out Of Millions A former stockbroker is heading to federal prison for his role in a massive fraud scheme based on Long Island that swindled elderly victims out of millions of dollars. Lawrence Isen, age 69, of California, was sentenced to five years behind bars in federal court in Central Islip Friday, Jan. 6. Earlier Report: Former Broker Sentenced In LI 'Boiler Room' Fraud Scheme That Cost Elderly Victims Millions It followed his March 2020 jury conviction on multiple charges, including conspiracy to commit securities fraud, conspiracy to commit wire fraud, and money laundering. Federal prosecut…
Former Broker Sentenced In LI 'Boiler Room' Fraud Scheme That Cost Elderly Victims Millions Former Broker Sentenced In LI 'Boiler Room' Fraud Scheme That Cost Elderly Victims Millions
Former Broker Sentenced In LI 'Boiler Room' Fraud Scheme That Cost Elderly Victims Millions A former stockbroker is heading to federal prison for his role in a massive fraud scheme based on Long Island that swindled elderly victims out of millions of dollars. Jeffrey Chartier, age 59, of Florida, was sentenced to 10 years behind bars in federal court in Central Islip Thursday, Dec. 1. It followed his March 2020 jury conviction on multiple charges, including conspiracy to commit securities fraud, conspiracy to commit wire fraud, and money laundering. Federal prosecutors said between 2014 and 2016, Chartier and others worked with a Melville-based “boiler room” to artificially infla…
Syosset Man Charged In Connection With Multi-Billion Dollar Scheme Syosset Man Charged In Connection With Multi-Billion Dollar Scheme
Syosset Man Charged In Connection With Multi-Billion Dollar Scheme Federal officials announced that four have been arrested and charged for their alleged roles in the multi-billion dollar collapse of Archegos Capital Management. US Attorney for the Southern District of New York Damian Williams said that the firm’s former CFO, Long Island resident Patrick Halligan, age 45, of Syosset, and New Jersey resident of Bill Hwang of Tenafly in Bergen County, have been arrested in connection to what Williams said was a racketeering scheme to manipulate the prices of publicly traded securities and to defraud global investment banks. Also charged, according to the De…
Four From Nassau Nabbed For $8.4M Fraud, Money Laundering Scheme, Feds Say Four From Nassau Nabbed For $8.4M Fraud, Money Laundering Scheme, Feds Say
Four From Nassau Nabbed For $8.4M Fraud, Money Laundering Scheme, Feds Say Four Long Island residents are among five New Yorkers facing charges for a multi-million dollar “boiler room” fraud and money laundering scheme, federal officials announced. US Attorney Damian Williams announced that five suspects are facing a host of charges for their alleged roles in the $8.4 million scheme to defraud investors around the world and launder the proceeds from the scheme. Those charged: Lenard Booth, also known as “Trevor Nicholas,” age 68, of Brooklyn; Michael D’Urso, age 54, of Glen Cove; Alyssa D’Urso, age 28, of Glen Cove; Jay Garnock, age 75, of Glen Cove; Antonella…
Ex-CEO From Region Sentenced For $58 Million Fraud Ex-CEO From Region Sentenced For $58 Million Fraud
Ex-ceo From Region Sentenced For $58 Million Fraud The founder and former chief executive officer of a private equity investment firm in the region will be sent to prison in connection with a securities scheme in which federal authorities say he fraudulently induced hundreds of individuals to invest a total of approximately $58 million in two real estate funds. Fairfield County resident Eric Malley, age 51, of New Canaan was sentenced to five years in prison on Thursday, Dec. 2. In addition to the prison term, Malley was sentenced to three years of supervised release and ordered to make restitution in the amount of $33,249,822.12 and …
NY Entrepreneur Admits To Defrauding Investors Of Nearly $1M NY Entrepreneur Admits To Defrauding Investors Of Nearly $1M
NY Entrepreneur Admits To Defrauding Investors Of Nearly $1M An entrepreneur from the area has admitted to defrauding investors of nearly $1 million. Joseph Cimino, the founder of a tequila brand based in the Hudson Valley, pleaded guilty on Monday, Nov. 15 to securities and wire fraud charges. As part of the plea, the 57-year-old Cimino, a resident of Warwick in Orange County, admitted fraudulently soliciting investments for his company. “As he admitted in court today, Joseph Cimino lied about his tequila business’s finances to lure investors and then diverted investor funds in order to line his own pockets," Damian Williams, the US Attor…
Nassau County Man Admits Scamming $3.5M From Investors Nassau County Man Admits Scamming $3.5M From Investors
Nassau County Man Admits Scamming $3.5M From Investors A Long Island man admitted on Monday, Nov. 1 that he scammed investors in a purportedly revolutionary new aspirin out of $3.5 million that he used as his own personal piggy bank. Donald A. Milne III, a 57-year-old repeat offender from Massapequa, defrauded more than 70 victims from throughout the country who thought they'd invested in Instaprin Pharmaceuticals, which he touted as a “fast-acting form of powdered aspirin that could instantly stop heart attacks and strokes," Acting US Attorney for the District of New Jersey Rachael A. Honig said. He used the money instead for a Caribbean vacat…
Nassau County Man Charged With $8 Million Insider Trading Scheme Nassau County Man Charged With $8 Million Insider Trading Scheme
Nassau County Man Charged With $8 Million Insider Trading Scheme A New York man is facing charges for his role in a multi-million dollar insider trading scheme that involved jumping ahead of his employers’ trades. Long Island resident Sergei Polevikov, age 48, of Port Washington, has been charged with securities fraud, wire fraud, and investment company fraud in connection with his scheme to misappropriate confidential information about pending trades by his employer, an investment adviser, on behalf of its investment company clients. US Attorney Audrey Strauss said that Polevikov was arrested on Wednesday, Sept. 22, and scheduled to make his initial co…
NY Man Convicted For Running Multimillion-Dollar Ponzi Scheme NY Man Convicted For Running Multimillion-Dollar Ponzi Scheme
NY Man Convicted For Running Multimillion-Dollar Ponzi Scheme A Hudson Valley man has been convicted for operating a multimillion-dollar investment club that was actually a Ponzi scheme. Rockland County resident Ruless Pierre, age 51, of Nanuet, was convicted in Manhattan federal court of securities fraud, wire fraud, and structuring charges on Thursday, May 27. According to the allegations contained in the complaint, indictment, and the evidence presented at trial: From at least November 2016 through October 2019, Pierre solicited money from investors of Ruless Pierre Consulting Group by falsely promising them that he would earn a 20 percent return…
Owner, CEO From New York Among Trio Indicted For $1.8B Ponzi-Like Scheme Owner, CEO From New York Among Trio Indicted For $1.8B Ponzi-Like Scheme
Owner, CEO From New York Among Trio Indicted For $1.8B Ponzi-Like Scheme A man who was the head of a Manhattan investment fund was arrested on Thursday and is facing securities fraud charges for his role in an alleged $1.8 billion Ponzi-like scheme that saw his company paying clients with their own money.  Long Island resident David Gentile, age 54, of Manhasset, the founder, owner, and CEO of GPB Capital Holdings, was charged with two others for scheming to defraud investors by misrepresenting the source of funds used to make monthly distribution payments to them, federal officials said. Specifically, the three were charged with securities and wire fraud, …
NY Man Nabbed For Role In Decade-Long $1M Ponzi Scheme NY Man Nabbed For Role In Decade-Long $1M Ponzi Scheme
NY Man Nabbed For Role In Decade-Long $1M Ponzi Scheme A Westchester County man was arrested this week for his role in a near decade-long Ponzi scheme that defrauded investors in New York and other parts of the country out of more than $1 million. White Plains resident James Doyle, 72, and Carl Carro, 59, of Walton, Delaware, the purported managing directors of headhunting companies Endeavor Management Solutions and Endeavor Consultancy, have been charged in a 42-count indictment for their roles in the schema. Specifically, the two were charged with multiple counts of money laundering, grand larceny, securities fraud, and scheme to defraud. Ne…
Long Island Man Admits To Running $200M Ponzi Scheme Long Island Man Admits To Running $200M Ponzi Scheme
Long Island Man Admits To Running $200M Ponzi Scheme A 53-year-old man has admitted to running a $200 million Ponzi scheme in New York based on false statements to investors about inflated returns for nonexistent wholesale jewelry deals, federal authorities announced on Wednesday, Dec. 30. Long Island resident Gregory Altieri, 53, pleaded guilty to wire fraud for running the scheme.  As part of the plea, Altieri, of Melville in Suffolk County, also admitted to committing securities fraud in connection with the scheme.  When sentenced, Altieri faces up to 20 years in prison.  “With today’s guilty plea, Altieri is hel…
Ex-Pharmaceutical Company CFO From Nassau County Admits To Insider Trading Ex-Pharmaceutical Company CFO From Nassau County Admits To Insider Trading
Ex-Pharmaceutical Company CFO From Nassau County Admits To Insider Trading The former chief financial officer of a Long Island pharmaceutical company is facing 20 years in prison after admitting to insider trading. East Northport resident Douglas Roth, the former CFO of Port Washington-based Aceto Corporation, which is based out of Port Washington, pleaded guilty this week to securities fraud for insider trading. Acting U.S. Attorney for the Eastern District of New York Seth DuCharme announced. DuCharme said that Roth obtained material non-public information about Aceto’s financial condition while serving as the company’s CFO, then sold shares of Aceto ahead of a …
Financial Advisor From Westchester Accused Of Embezzling $640K From Clients Financial Advisor From Westchester Accused Of Embezzling $640K From Clients
Financial Advisor From Westchester Accused Of Embezzling $640K From Clients A financial advisor from Westchester has been accused of embezzling more than $640,000 from clients. Gregg Brie, of White Plains, was arrested on Thursday morning, Oct. 1 and charged with securities fraud and wire fraud, Audrey Strauss, the acting United States Attorney for the Southern District of New York, and William F. Sweeney Jr., the Assistant Director-in-Charge of the New York Field Office of the Federal Bureau of Investigation announced. “As alleged, Gregg Brie stole money so he could live a lavish lifestyle," Strauss said. "This office is committed to rooting out fraudule…
Nassau County Man Sentenced For Running $19M Ponzi Scheme Nassau County Man Sentenced For Running $19M Ponzi Scheme
Nassau County Man Sentenced For Running $19M Ponzi Scheme A former Wall Street trader has been sentenced to over five years in prison after admitting to defrauding investors in a $19 million Ponzi scheme. Long Island resident Paul A. Rinfret, 71, of Manhasset, had pleaded guilty to one count of wire fraud and one count of securities fraud last fall. This week, Rinfret was sentenced to 63 months in prison. According to Acting United States Attorney for the Southern District Audrey Strauss, Rinfret alleged that he touted “extremely high returns in his trading,” when in reality he simply stole the investors’ money to fund a lavish lifestyle. I…
Hedge Fund Founder From Nassau County Charged With Fraud, Extortion, Hedge Fund Founder From Nassau County Charged With Fraud, Extortion,
Hedge Fund Founder From Nassau County Charged With Fraud, Extortion, A hedge fund founder from Long Island is facing federal charges of securities fraud and extortion after he allegedly abused his position on a Neiman Marcus Group Inc. bankruptcy committee to purchase securities at a deflated price. Nassau County resident Daniel Kamensky, of Roslyn, the founder of the New York-based hedge fund Marble Ridge Capital, has been charged in Manhattan federal court on multiple charges. Acting U.S. Attorney Audrey Strauss said that Kamensky’s alleged criminal acts occurred in connection with his scheme to pressure a rival bidder to abandon its higher bid for assets …
Ex-CEO From Long Island Sentenced For Scheme To Defraud Victims In Sale Of Worthless Stock Ex-CEO From Long Island Sentenced For Scheme To Defraud Victims In Sale Of Worthless Stock
Ex-ceo From Long Island Sentenced For Scheme To Defraud Victims In Sale Of Worthless Stock A former CEO from Long Island will spend time behind bars after admitting to his role in a scheme to defraud the elderly victims in the sale of worthless stock. Hauppauge resident Keith Orlean - also known as “Jack Allen” - was sentenced to 32 months in prison after pleading guilty in Manhattan federal court. Orlean admitted to participating in a scheme targeting elderly persons to solicit purchases of stock using a series of valueless companies through a variety of lies and misrepresentations. For several years, Orlean and his co-conspirators operated a fraudulent scheme in which a salesm…
Former Long Island Broker Admits To Her Role In $147 Million Stock Manipulation Scheme Former Long Island Broker Admits To Her Role In $147 Million Stock Manipulation Scheme
Former Long Island Broker Admits To Her Role In $147 Million Stock Manipulation Scheme A former Long Island stockbroker has admitted to her role in a $147 minion stock manipulation scheme. Stephanie Lee, 48, a former broker who worked with Plainview-based Elite Stock Research and Melville-based My Street Research, pleaded guilty in Central Islip federal court to misleading investors into purchasing artificially inflated stock in publicly traded companies. Lee is one of 16 who were charged in July 2017 in connection to the scheme and fourth to plead guilty. U.S. Attorney Richard Donoghue said that she specifically pleaded guilty to: Conspiracy to securities fraud and securit…
Ex-Long Island Investment Advisor Sentenced For Multi-Million Dollar Ponzi Scheme Ex-Long Island Investment Advisor Sentenced For Multi-Million Dollar Ponzi Scheme
Ex-Long Island Investment Advisor Sentenced For Multi-Million Dollar Ponzi Scheme An investment advisor from Long Island will spend more than a decade behind bars for his role in defrauding his elderly victims in a multimillion-dollar scheme, U.S. Attorney Richard Donoghue announced. East Setauket resident Steven Pagartanis, 60, was sentenced to a term of 170 months in prison and ordered to pay more than $6.5 million in restitution after pleading guilty in December to conspiracy to commit mail and wire fraud for orchestrating a securities fraud scheme over the course of 18 years.   “Today’s sentence is a well-deserved reckoning for Pagartanis, who preyed on el…
Ex-Investment Bank Director From Nassau Sentenced For Insider Trading Ex-Investment Bank Director From Nassau Sentenced For Insider Trading
Ex-Investment Bank Director From Nassau Sentenced For Insider Trading A former Wall Street investment banker from Long Island has been sentenced after being convicted of insider trading for a second time after illegally tipping his father off to healthcare industry mergers. North Merrick resident Sean Stewart, 38, a former senior investment banker at two New York-based investment banks was sentenced to 24 months in prison following his conviction after a seven-day trial for illegally providing tips to his father, Robert Stewart, with non-public information. In addition to his prison term, Stewart was sentenced to three years of supervised release. He's due to…
LI Corporate Insider Convicted Of Conspiring To Pump, Dump Stock On Unsuspecting Investors LI Corporate Insider Convicted Of Conspiring To Pump, Dump Stock On Unsuspecting Investors
LI Corporate Insider Convicted Of Conspiring To Pump, Dump Stock On Unsuspecting Investors A corporate insider was found guilty in Central Islip federal court of conspiring with others at a Long Island boiler room to “pump and dump” stocks on elderly investors. Michael Watts, a former registered broker, was found guilty at a trial of promoting and manipulating the prices of shares in Hydrocarb Energy Corp. and other companies. Watts, 63, who now lives in Texas, was convicted of conspiracy to commit securities fraud, securities fraud, conspiracy to commit wire fraud, money laundering conspiracy and money laundering.  The verdict followed a three-week trial before United Stat…
Financial Advisor Admits To Running $5M Ponzi Scheme, SDNY Says Financial Advisor Admits To Running $5M Ponzi Scheme, SDNY Says
Financial Advisor Admits To Running $5M Ponzi Scheme, Sdny Says A financial adviser from Fairfield County admitted to running a yearlong multi-million dollar Ponzi scheme. Norwalk resident James Booth, 74, who operated Booth Financial Associates, pleaded guilty solicited money from clients, falsely promising to invest the money in opportunities offered outside of their ordinary advisory and brokerage accounts. Booth pleaded guilty to one count of securities fraud. When he is sentenced on Feb. 21 next year, he will face up to 20 years in prison. In total, Booth fraudulently obtained nearly $5 million from his customers. Instead of investing their money,…
Ex-Wall Street Trader From Manhasset Admits To Running $19M Ponzi Scheme Ex-Wall Street Trader From Manhasset Admits To Running $19M Ponzi Scheme
Ex-Wall Street Trader From Manhasset Admits To Running $19M Ponzi Scheme A former Wall Street trader from Long Island admitted to running a years-long near $20 million Ponzi scheme Manhasset resident Paul Rinfret, 70, pleaded guilty to securities fraud and wire fraud charges in Manhattan federal court for the scheme to defraud investors by selling limited partnership interests in an entity through which he purported to trade in futures contracts relating to the S&P 500 utilizing a bespoke algorithm he had developed. According to United States Attorney for the Southern District of New York Geoffrey Berman, Rinfret boasted of “extremely high returns in his tra…
Ex-CEO From Long Island Admits Scheme To Defraud Victims In Sale Of Worthless Stock Ex-CEO From Long Island Admits Scheme To Defraud Victims In Sale Of Worthless Stock
Ex-ceo From Long Island Admits Scheme To Defraud Victims In Sale Of Worthless Stock A former CEO from Long Island admitted to his role in a scheme to defraud the elderly victims in the sale of worthless stock. Dix Hills resident Keith Orlean - also known as “Jack Allen” - pleaded guilty in district court to participating in a scheme to target elderly persons to solicit purchases of stock in a series of valueless companies through a variety of lies and misrepresentations. U.S. Attorney Geoffrey Berman said that for several years, Orlean and his co-conspirators operated a fraudulent scheme in which a salesman named “Mike Palmer” would call elderly people and offer them a “ti…
Ex-Investment Banker From Nassau Convicted For Insider Trading Scheme Ex-Investment Banker From Nassau Convicted For Insider Trading Scheme
Ex-Investment Banker From Nassau Convicted For Insider Trading Scheme A former Wall Street investment banker from Long Island has been convicted of insider trading for a second time after illegally tipping his father off to healthcare industry mergers. North Merrick resident Sean Stewart, 38, a former senior investment banker at two New York-based investment banks was convicted following a seven-day trial for illegally providing tips to his father, Robert Stewart, with non-public information. Stewart was found guilty of providing his father with non-public information concerning five separate corporate acquisitions before they were announced, U.S. Attorney Ge…