The serious allegations against Vincent Camarda, a New York-based financial advisor, have sent shockwaves through the investment community. As an expert in both finance and law, I’ve closely followed this case and its potential ramifications for investors.
According to the Securities and Exchange Commission (SEC), Mr. Camarda and his firm, A.G. Morgan Financial Advisors, raised over $75 million from more than 200 investors for investments in Complete Business Solutions Group, also known as Par Funding. The SEC had previously charged Par Funding with operating a fraudulent scheme that raised hundreds of millions from investors nationwide.
The SEC alleges that Mr. Camarda and his co-defendants:
- Unlawfully offered and sold unregistered securities in Par Funding without their broker-dealer’s approval
- Failed to disclose A.G. Morgan Financial Advisors had borrowed and not fully repaid approximately $750,000 from Par Funding
- Received over $7 million in compensation related to their Par Funding offerings and sales
These are severe charges that violate multiple securities laws, including the Securities Act of 1933, the Securities Exchange Act of 1934, and the Investment Advisers Act of 1940. The proceedings remain pending, but the SEC’s allegations paint a troubling picture for investors.
Making matters worse, 14 investor disputes have been filed against Mr. Camarda in 2024, with allegations including selling unregistered securities, breaching fiduciary duty, violating FINRA rules, and breach of contract. These disputes seek over $9 million in damages and remain pending. Investors can view Mr. Camarda’s CRD and the complaints against him on FINRA’s BrokerCheck.
Unfortunately, Mr. Camarda’s case is not an isolated incident. Financial advisor misconduct is more common than many investors realize. A study by the University of Chicago Booth School of Business found that a staggering 93% of all investor losses are due to unscrupulous financial advisors. Investopedia reports that investment fraud and misconduct can take many forms, including Ponzi schemes, unauthorized trading, and misrepresentation of investment risks.
As Warren Buffett famously said, “Risk comes from not knowing what you’re doing.” Sadly, many investors placed their trust and hard-earned money with an advisor who seemingly didn’t have their best interests at heart.
For concerned investors, I recommend reviewing your accounts and statements for any suspicious activity or unauthorized investments. Don’t hesitate to ask questions and demand transparency from your advisor. If you believe you’ve suffered losses due to misconduct, consider contacting a qualified securities attorney to discuss your legal options.
While the full consequences for Mr. Camarda remain to be seen, this case is a stark reminder of the dangers posed by bad actors in the financial industry. As an advocate for investor rights, I’ll continue to monitor this case and provide updates as they become available. In the meantime, stay vigilant and don’t let fear or uncertainty prevent you from protecting your financial future.
You can check your financial advisor’s background and any regulatory actions or customer complaints by visiting FINRA’s BrokerCheck at brokercheck.finra.org.
