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Peter Quartararo, age 56, of Glen Cove, was arraigned on Tuesday, Aug. 31, and charged with second-degree and third-degree grand larceny, according to Acting Nassau County District Attorney Joyce Smith.
He is set to appear in court again on Wednesday, Oct. 20.
In August of last year, Quartararo allegedly introduced himself to the first victim, claiming to possess pre-initial public offering shares of DoorDash and offering to sell some of them to the victim. Smith said the individual gave Quartararo $11,500 in cash and also wired him $58,000 for the pre-IPO shares of Airbnb.
The DA's Office said another alleged victim gave Quartararo $14,000 in cash in exchange for what he believed were shares of Petco in January.
Smith said Quartararo never delivered the shares to the alleged victims and didn't provide financial statements showing that the victims owned the shares.
An investigation from the District Attorney's Office revealed that Quartararo had never purchased the shares on the victims' behalf, Smith said.
Quartararo and a co-conspirator were also charged in April with grand larceny and other charges for allegedly stealing $436,000 from four investors, Smith said. The four individuals reportedly believed they had been investing in pre-IPO stock for several companies, including Airbnb, WeWork, and Peloton.
An investigation found that the defendants hadn't purchased any shares of stock in the companies on the alleged victims' behalf, Smith said.
The defendants used the funds to purchase food, vehicles, and more, the DA's Office said.
“This defendant has now been arrested twice this year for allegedly defrauding multiple victims with the same empty elevator pitch, stealing more than $500,000 in total from his victims and never delivering on his promises,” Smith said. “This case further highlights the need for investors to diligently review the credentials and licenses of the financial professionals they work with to ensure they are credible and operating with integrity.”
The DA's Office reported that Quartararo was barred from operating as a stockbroker in March 2013 by the Financial Industry Regulatory Authority.
Anyone who believes they may be a victim of investment fraud perpetrated by Peter Quartararo is asked to contact the Nassau County DA’s Office at 516-571-2149.
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