Long Island Investment Advisor Pleads Guilty to $160 Million Investment Fraud
Central Islip, NY – In a stunning display of greed, Vincent Camarda, the Chairman and Chief Executive Officer (CEO) of A.G. Morgan Financial Advisors, LLC (AGM), pleaded guilty to securities fraud and investment advisor fraud earlier today in federal court.
According to court documents, Camarda’s reckless scheme bilked innocent investors out of a staggering $160,022,836.81. The 63-year-old defendant, who has been a fixture on Long Island’s financial scene for decades, faces a maximum sentence of 20 years’ imprisonment when he is sentenced.
The proceeding, held before United States District Judge Nusrat J. Choudhury, marked the culmination of a lengthy investigation by the Department of Justice’s (DOJ) United States Attorney’s Office (USAO) for the Eastern District of New York.
Camarda’s guilty plea is a major victory for the DOJ, which has been working tirelessly to bring the defendant to justice. “Today’s guilty plea is a testament to the unwavering commitment of our investigators and prosecutors to holding accountable those who would seek to exploit and defraud innocent investors,” said a spokesperson for the DOJ.
As a result of Camarda’s guilty plea, the defendant will be required to forfeit $6,639,498.17, in addition to making restitution to the victims of his scheme. The full extent of the restitution will be determined at sentencing.
Camarda’s sentencing is scheduled to take place at a later date, with the exact date to be determined by the court. In the meantime, the defendant will remain free on bail pending his sentencing.
The case serves as a stark reminder of the importance of due diligence when it comes to investing. “Investors should always be wary of schemes that seem too good to be true, and should never hesitate to report suspicious activity to the authorities,” said a financial analyst.
Related Federal Cases
- Matthew S. Greacen, Steroid Fraud Conspiracy, New York 2024 · Pennsylvania
- Stella Boyadjian, Visa Fraud Scheme, New York 2024 · Washington
- David Nikolashvili, Immigration Fraud Scheme, New York 2024 · Pennsylvania
- Michael Smith, Billion-Stream Royalty Heist, New York, 2023 · Alabama
- OCC Officials Criticized for Ineffectual Bank Fraud Prevention, Was… · Pennsylvania
Key Facts
- State: Alabama
- Agency: DOJ USAO
- Category: White Collar Crime|Fraud & Financial Crimes
- Source: Official Source â†â€â€ÂÂÂ
ðŸâ€ÂÂÂÂ’ Get the grimiest stories delivered weekly. Subscribe free →
Browse More
All Alabama Cases →All Districts →
