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Securities Fraud

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NJ Financial Advisor Who Sold $3.65M Deal To Elderly Clients Has License Revoked: AG NJ Financial Advisor Who Sold $3.65M Deal To Elderly Clients Has License Revoked: AG
NJ Financial Advisor Who Sold $3.65M Deal To Elderly Clients Has License Revoked: AG State officials have revoked the licese of a Bergen County financial advisor and broker after it came to light that he sold a pair of elderly clients a total of $3.65 million in a move that New Jersey Attorney General Matthew Platkin said was not in the best interest of the clients. Carlos Leston, who also goes by Jose Carlos Leston, of Maywood, made the sale in securities in a New York Lending company without disclosing that the CEO of the corporation was a friend of his who had been barred from the securities industry, Platkin said. Leston also failed to disclose that he had a r…

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by Cecilia Levine
Police & Fire
'Heartless And Despicable': NJ Broker Who Scammed $3.7M From Gold Star Families Sentenced 'Heartless And Despicable': NJ Broker Who Scammed $3.7M From Gold Star Families Sentenced
'Heartless And Despicable': NJ Broker Who Scammed $3.7M From Gold Star Families Sentenced A former Army financial counselor from Colts Neck will spend more than a decade in prison after admitting to scamming Gold Star families out of more than $3 million, authorities said. Caz Craffy, 42, was sentenced on Wednesday, Aug. 21 to 12 years and seven months in prison, New Jersey's U.S. Attorney Philip Sellinger said in a news release. He pleaded guilty to 10 charges on Tuesday, Apr. 16. Craffy, who's also known as "Carz Craffey," had been a major in the U.S. Army Reserve since 2003. His Army affiliation was terminated in January 2023, according to military records. Ac…

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by Chris Spiker
News
Middlesex County Men Indicted In Alleged $7M Fuel Investment Scheme: AG Middlesex County Men Indicted In Alleged $7M Fuel Investment Scheme: AG
Middlesex County Men Indicted In Alleged $7M Fuel Investment Scheme: AG A New Jersey grand jury has indicted two Middlesex County men for allegedly defrauding fuel investors out of approximately $6.7 million, authorities said. The scheme used sham companies and false identities to deceive investors into believing they would receive large guaranteed returns from investments in fuel products, according to Attorney General Matthew J. Platkin. Instead, the defendants diverted investor funds for their own benefit, Platkin said. Shahid Javed, 39, of Old Bridge, and Wilfredo Topacio, 64, of Woodbridge, were charged in an indictment with first-degree conspiracy, …

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by Jon Craig
Police & Fire
NJ Broker Bought Private Jet, Luxury Caribbean Vacation In $3.4M Insider Trading Scheme: Feds NJ Broker Bought Private Jet, Luxury Caribbean Vacation In $3.4M Insider Trading Scheme: Feds
NJ Broker Bought Private Jet, Luxury Caribbean Vacation In $3.4M Insider Trading Scheme: Feds A former partner at a New Jersey broker-dealer firm was accused of insider trading, making more than $3 million in illegal profits, authorities said. Christopher Matthaei, 44, of Brielle, was arraigned in federal court on Wednesday, July 17, New Jersey's U.S. Attorney Philip Sellinger said in a news release. A federal grand jury indicted him on Friday, June 21 for two counts of securities fraud conspiracy and seven counts of securities fraud. According to court documents and statements, Matthaei was a partner and senior salesperson at a trading firm based in Charlotte, North Carol…

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by Chris Spiker