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Tag: Financial Industry Regulatory Authority
$185M Scheme: NY Trio Nabbed For Defrauding 1,400 Investors, Feds Say
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…
Half-Million Dollar Scheme: Long Island Broker Admits Swindling Clients
A barred investment broker from Long Island has been admitted to tricking clients into giving him hundreds of thousands of dollars, which he then used to buy luxury cars, plane tickets, and more.
Peter Quartararo, age 57 of Glen Cove, pleaded guilty to his charges of grand larceny and more on Friday, Feb. 9, the Nassau County District Attorney announced.
According to the charges against him, Quartararo met with six victims from July 2018 through January 2021 and told them he had access to pre-initial public offering stock (or “pre-IPO”) in companies such as Peloton, WeWork, PetCo, and Ai…
Barred Nassau County Investment Broker Accused Of Stealing $80K, DA Says
A Long Island man was arraigned after he was accused of stealing more than $80,000 from people who believed they were investing in shares of Petco, DoorDash, and Airbnb.
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 offe…
Mahwah Financial Advisor Siphoned $1 Million From 98-Year-Old Widow's Account, State Says
A financial adviser from Mahwah pocketed nearly $700,000 and diverted another $300,000 or so of a 98-year-old widow’s money, said state authorities who stripped him of his ability to operate any longer in New Jersey.
John Joseph Cahill, 71, used the woman’s bank account to write and cash $693,990 worth of checks, state Attorney General Gurbir S. Grewal said Friday.
Cahill also used the account to pay his daughter, his wife, and various others more than $300,000 to provide unexplained services to the woman, the attorney general said.
Cahill had been granted power of attorney for the victim,…
CT Financial Advisor, Securities Broker Admits Misappropriating Client Funds
A Connecticut financial advisor and securities broker admitted to misappropriating $575,000 from investment clients during a seven-year scheme.
Lester Burroughs, 60, of Torrington, pleaded guilty on Wednesday, Dec. 4 in Bridgeport district court to one count of wire fraud while he was the owner of Burroughs Financial Group in Torrington.
Between 2012 and November this year, Burroughs, who was a registered securities broker with the Financial Industry Regulatory Authority misrepresented to clients that their money would be invested in legitimate, guaranteed investment contracts.
Instead, Bu…
