Massapequa financial adviser admits to defrauding hundreds of people out of millions of dollars
A Massapequa financial adviser pleaded guilty in federal court Friday, admitting that he defrauded hundreds of clients, leaving many uncertain about their financial futures after prosecutors say their retirement accounts were wiped out.
More Stories
Vincent Camarda, chairman and CEO of A.G. Morgan Financial Advisors, pleaded guilty to securities fraud and investment adviser fraud. Federal prosecutors said Camarda defrauded hundreds of clients, many of whom lost their life savings. As Camarda exited court in Central Islip, he did not answer a question from News 12.
Pat Bucher said she lost all of her retirement savings.
“I feel it’s justification.... now we have to wait and see if we’re going to get the money that we were promised, $160 million that’s supposed to appear to everyone who has lost it," she said following Camarda's guilty plea.
Bucher says she is now working two part-time jobs just to survive.
“I could not live on Social Security and that's basically all the funds I have coming in right now," Bucher said.
Camarda’s attorney, Glenn Obedin, said they're "hopeful" the victims will be paid back in full.
According to federal authorities, Camarda falsely told clients that their investments were safe and low-risk when they were not. The government says he used stolen money to pay for jewelry, plastic surgery and travel.
Camarda is currently out on a $1 million bond. His sentencing is scheduled for Aug. 12. He faces a maximum sentence of 20 years in prison.
