Vincent Camarda, Chairman and Chief Executive Officer of A.G. Morgan Financial Advisors, LLC, pleaded guilty on Apr. 3 to securities fraud and investment advisor fraud in federal court in Central Islip. The plea was entered before United States District Judge Nusrat J. Choudhury. Camarda faces up to 20 years in prison, restitution of at least $160 million, and forfeiture of more than $6.6 million.
The case was announced by Joseph Nocella, Jr., United States Attorney for the Eastern District of New York, and James C. Barnacle, Jr., Assistant Director in Charge at the Federal Bureau of Investigation’s New York Field Office.
“We will aggressively prosecute investment advisors who betray their clients’ trust and commit crimes for their own financial gain,” said 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.” Nocella also thanked the Securities and Exchange Commission’s New York Regional Office for its assistance.
FBI Assistant Director Barnacle said: “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.” According to court filings presented during the proceeding, Camarda had worked about 30 years in the securities industry as a registered investment adviser with the SEC and held licenses with FINRA.
Between January 2017 and December 2024, Camarda established several funds under AGM known as “Camarda Funds” and misled clients about risks associated with investments described as “safe” or “low-risk.” He also failed to disclose conflicts of interest regarding investments made through these funds—including receiving compensation from businesses where client money was invested or having familial ties or executive roles within those businesses—according to information provided during his plea hearing.
Camarda further misappropriated investor funds for personal use through wire transfers that financed luxury goods such as plastic surgery procedures, travel expenses, jewelry purchases, credit card bills payments among others; one victim reportedly wired over $700,000 but only part was actually invested while approximately $400,000 went directly toward personal expenses instead.
The U.S. Attorney’s Office for the Eastern District covers Brooklyn, Queens, Staten Island, Nassau County and Suffolk County as indicated on its official website. The office maintains locations in Brooklyn and Central Islip per its website and handles both federal crime prosecutions along with civil matters representation according to official sources. It also supports community outreach efforts for victims as reported by its website under leadership from United States Attorney Breon Peace as noted online.
