Long Island Investment Advisor Pleads Guilty to $160 Million Investment Fraud

Earlier today, in federal court in Central Islip, 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. The proceeding was held before United States District Judge Nusrat J. Choudhury. When sentenced, Camarda faces a maximum sentence of 20 years' imprisonment, as well as restitution of at least $160,022,836.81 and forfeiture of $6,639,498.17.

Joseph Nocella, Jr., United States Attorney for the Eastern District of New York and James C. Barnacle, Jr., Assistant Director in Charge, Federal Bureau of Investigation, New York Field Office (FBI) announced the guilty plea.

"We will aggressively prosecute investment advisors who betray their clients' trust and commit crimes for their own financial gain," stated United States Attorney Nocella. "This defendant used a series of lies to lure clients, including elderly and other vulnerable individuals, into investing with him, all while enriching himself. Today's guilty plea is an important step toward holding the defendant accountable for the substantial harm he has caused."

Mr. Nocella expressed his appreciation to the Securities and Exchange Commission (SEC), New York Regional Office, for their work on the case.

"CEO Vincent Camarda repeatedly deceived trusting clients to steal hundreds of thousands of dollars to finance extravagant purchases. The FBI is committed to protecting investors from executives who abuse their authority to line their own pockets," stated FBI Assistant Director in Charge Barnacle.

According to court filings and facts presented during the plea proceeding, the defendant Vincent Camarda was the Chairman and CEO of AGM. At the time of his fraud, Camarda had worked in the securities industry for approximately 30 years. He was a registered investment adviser with the SEC and also held licenses as a registered representative with the Financial Industry Regulatory Authority (FINRA). In or about and between January 2017 and December 2024, Camarda, together with others, established several investment funds under AGM (the "Camarda Funds"). He then engaged in a scheme to defraud his victims - clients that he owed a fiduciary duty to - in several ways.

First, Camarda solicited funds from the victims by making material misrepresentations, both in private placement memorandums and orally, regarding the investment of their funds. For example, he made materially false representations regarding the risk profile of the investments. Camarda falsely represented, in sum and substance, that investments in the Camarda Funds were "safe" or "low-risk," when, in fact, they were not. Camarda also misrepresented the diversification of the investments to induce the victims to invest. These misrepresentations were designed to mislead investors into believing that their investments were safer than they actually were. In addition, Camarda failed to disclose material conflicts of interest in connection with the investments made through the Camarda Funds. For example, although Camarda invested the victims' funds in a single mining business, Camarda never disclosed to the victims that he received compensation from that business. Likewise, although Camarda invested the victims' funds in a single food service business, Camarda did not disclose to the victims that he had a familial relationship with an individual involved in the business's operation or that he served as the President of that business.

Separately, Camarda also misappropriated hundreds of thousands of dollars of the victims' investments in the Camarda Funds and for his personal benefit. Rather than investing those funds as promised, Camarda diverted them to himself through wire transfers. Among other things, Camarda used these stolen funds to pay for personal expenses and luxury items, including plastic surgery, travel, jewelry and luxury goods. For example, one victim wired over $700,000 to Camarda, who then, after investing approximately $370,000 in the high-risk mining operation, misappropriated the other approximately $400,000 for himself, using the money to, among other things, pay off personal credit card bills.

The government's case is being handled by the Criminal Section of the Office's Long Island Division. Assistant United States Attorney Adam R. Toporovsky is in charge of the prosecution, with assistance from Paralegal Specialist Janelle Robinson.

The Defendant:

VINCENT CAMARDA
Age: 62
Amityville, NY

E.D.N.Y. Docket No. 26-CR-51