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Financial Industry Regulatory Authority

Massapequa, NY
News
Stock Swindler: Barred Long Island Broker Sentenced For Scheme Stock Swindler: Barred Long Island Broker Sentenced For Scheme
Stock Swindler: Barred Long Island Broker Sentenced For Scheme An investment broker who admitted to using his client’s money on luxury cars, plane tickets, and more has received his prison sentence. Peter Quartararo of Glen Cove was sentenced to two-and-a-half to seven-and-a-half years in prison on Friday, June 14, the Nassau County District Attorney announced. Quartararo, who is 57, was a stockbroker who had previously been barred from operating as such in 2013 by the Financial Industry Regulatory Authority (FINRA). Original Report - Half-Million Dollar Scheme: Long Island Broker Admits Swindling Clients Despite that, starting in July 2018,…

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by Sophie Grieser
Massapequa, NY
News
$185M Scheme: NY Trio Nabbed For Defrauding 1,400 Investors, Feds Say $185M Scheme: NY Trio Nabbed For Defrauding 1,400 Investors, Feds Say
$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…

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by Joe Lombardi
Middletown, NJ
Police & Fire
Jersey Shore Reservist Admits Scamming Grieving Army Families Out Of $3.7M In Death Benefits Jersey Shore Reservist Admits Scamming Grieving Army Families Out Of $3.7M In Death Benefits
Jersey Shore Reservist Admits Scamming Grieving Army Families Out Of $3.7M In Death Benefits UPDATE: A ruthless now-former military reservist from Monmouth County admitted scamming the survivors of soldiers killed in war out of $3.7 million. Caz Craffy, 41, of Colts Neck, used his role as a counselor with the United States Army to pocket $1.4 million by exploiting the grief of Gold Star families, U.S. Attorney for New Jersey Philip R. Sellinger said. Craffy – who’s also known as “Carz Craffey” – “used lies and deception” to defraud two dozen families of what he told them were investments, the U.S. attorney said. For many, it was the only money they had. Whenever a member of the a…

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by Jerry DeMarco
Massapequa, NY
News
Half-Million Dollar Scheme: Long Island Broker Admits Swindling Clients Half-Million Dollar Scheme: Long Island Broker Admits Swindling Clients
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…

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by Sophie Grieser
Newark, NJ
Police & Fire
ELDER ABUSE: Financial Advisor Swiped $75K, Neglected 90-Year-Old Woman In His Care: NJ AG ELDER ABUSE: Financial Advisor Swiped $75K, Neglected 90-Year-Old Woman In His Care: NJ AG
Elder Abuse: Financial Advisor Swiped $75K, Neglected 90-Year-Old Woman In His Care: NJ AG A financial advisor from Verona abused his authority over a 90-year-old client's finances, stealing $75,000 while neglecting her care and well-being and letting her bills pile up, state authorities charged. John Boston, 47, tried to hide his hiring to manage the woman's affairs and assets, they said. He never told his employer and ignored a federal Financial Industry Regulatory Authority requirement to register the victim as a client, New Jersey Attorney General Matthew Platkin said in a joint announcement with Interim Insurance Fraud Prosecutor Al Garcia. After obtaining durable fin…

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by Jerry DeMarco
Middletown, NJ
News
NJ Broker Scammed Grieving Army Families Out Of $3.5 Million In Death Benefits, Feds Charge NJ Broker Scammed Grieving Army Families Out Of $3.5 Million In Death Benefits, Feds Charge
NJ Broker Scammed Grieving Army Families Out Of $3.5 Million In Death Benefits, Feds Charge Families of soldiers killed in war lost nearly $3.5 million to a merciless financial counselor from New Jersey who exploited their grief, federal authorities have charged. Caz Craffy, 41, worked for the United States Army when he defrauded two dozen Gold Star families who trusted him out of death benefits, U.S. Attorney for New Jersey Philip R. Sellinger said on Friday, July 7. Craffy – also known as “Carz Craffey” – “took advantage of his role as an Army financial counselor, using lies and deception to steer their investments in a way that would make him money,” Sellinger said during a new…

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by Jerry DeMarco
Massapequa, NY
News
$520,000 Stock Fraud Scheme Leads To Indictment For Barred NY Investment Broker: DA $520,000 Stock Fraud Scheme Leads To Indictment For Barred NY Investment Broker: DA
$520,000 Stock Fraud Scheme Leads To Indictment For Barred NY Investment Broker: DA A barred investment broker has been indicted on charges he stole $520,000 from six investors who believed they were investing in stocks for several high-profile companies. Long Island resident Peter Quartararo, age 57, of Glen Cove, was arraigned Thursday, March 9 on charges of grand larceny, said Nassau County District Attorney Anne Donnelly. “This defendant allegedly tricked investors into believing they were getting in on the ground floor of high-profile companies that were going public," Donnelly said. During the "scheme" which began in July 2018 and continued through January 2021, Qua…

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by Kathy Reakes
Massapequa, NY
News
Barred Nassau County Investment Broker Accused Of Stealing $80K, DA Says Barred Nassau County Investment Broker Accused Of Stealing $80K, DA Says
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…

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by Nicole Valinote
Mahwah-Ramsey, NJ
News
Mahwah Financial Advisor Siphoned $1 Million From 98-Year-Old Widow's Account, State Says Mahwah Financial Advisor Siphoned $1 Million From 98-Year-Old Widow's Account, State Says
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,…

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by Jerry DeMarco
Somers, NY
News
Area Man Admits To Defrauding Investors Out Of Nearly $1M Area Man Admits To Defrauding Investors Out Of Nearly $1M
Area Man Admits To Defrauding Investors Out Of Nearly $1M A Hudson Valley man has admitted to defrauding multiple victims out of nearly a million dollars as part of an elaborate scheme, U.S. Attorney Geoffrey Berman announced. Rockland County resident Jorge Padilla, 33, of Haverstraw, pleaded guilty in district court to defrauding his victims out of more than $900,000 by soliciting investments in a sham financial firm by using misrepresentation and fraudulent documents. Specifically, Padilla pleaded guilty to one count of wire fraud. When he is sentenced, he will face up to 20 years in prison. Berman said that between September 2014 and April 201…

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by Zak Failla
Fairfield, CT
News
CT Financial Advisor, Securities Broker Admits Misappropriating Client Funds CT Financial Advisor, Securities Broker Admits Misappropriating Client Funds
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…

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by Zak Failla