Long Island investment advisor Vincent Camarda, 58, of Huntington, New York, has pleaded guilty to securities fraud and investment advisor fraud in a $160 million scheme that left countless victims financially ruined.
Camarda, the Chairman and Chief Executive Officer (CEO) of A.G. Morgan Financial Advisors, LLC (AGM), made the plea in federal court in Central Islip, New York, before United States District Judge Nusrat J. Choudhury. The proceeding marked a significant milestone in the long-running probe into Camarda’s illicit activities.
As part of the plea agreement, Camarda faces a maximum sentence of 20 years’ imprisonment, in addition to restitution of at least $160,022,836.81 and forfeiture of $6,639,498.17. The magnitude of the losses suffered by victims is a stark reminder of the devastating consequences of white-collar crime.
According to the Department of Justice, Camarda and his company engaged in a scheme to defraud investors by misrepresenting the performance of various investment products, including private placements and hedge funds. The defendants allegedly used these misrepresentations to induce investors to invest millions of dollars in these products.
As the investigation unfolded, authorities uncovered a complex web of deceit and dishonesty orchestrated by Camarda and his associates. The probe involved extensive cooperation between federal and state law enforcement agencies, including the FBI and the New York State Department of Financial Services.
The guilty plea serves as a stark warning to would-be perpetrators of investment advisor fraud: the consequences of such crimes are severe, and those who engage in them will ultimately face the full weight of the law.
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Key Facts
- State: Alabama
- Agency: DOJ USAO
- Category: White Collar Crime|Fraud & Financial Crimes
- Source: Official Source â†â€â€ÂÂÂ
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