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SEC Complaint Against AGM Advisor Vincent Camarda: Par Funding
A complaint filed this month by the Securities and Exchange Commission alleges that A.G. Morgan Financial Advisors representative Vincent Camarda (CRD# 2463703) solicited investors to invest in a “$500 million unregistered fraudulent offering” with Par Funding. Financial Industry Regulatory Authority and SEC records show that the Massapequa, New York advisor allegedly failed to disclose a conflict of interest with the offering’s issuer.
Mr. Camarda’s BrokerCheck report describes the pending SEC complaint against him, filed on June 9, 2022. The SEC alleges that as principal of A.G. Morgan Financial Services, he breached his fiduciary duty when soliciting “nearly one dozen investors to invest at least $2.6 million in promissory notes issued by Par Funding,” also known as Complete Business Solutions Group, a lending company. The complaint states further that when he began soliciting investments in August 2017, he failed to disclose that in December 2016, on behalf of his advisory firm, he “began borrowing money from Par Funding through so-called ‘merchant cash advance’ transactions,” owing the lender approximately $750,000 as of July 2017. “was in debt to Par Funding and that Camarda was a guarantor on that debt to Par Funding.” According to the complaint, he, his then-Chief Compliance Officer, and the firm “collectively received more than $7 million in compensation from Par Funding for their sales of the unregistered securities.” The SEC alleges in its pending complaint that these actions violated sections of the Securities Act and the Exchange Act.
According to the Financial Industry Regulatory Authority and the Securities and Exchange Commission, Vincent Camarda holds 28 years of securities industry experience. Based in Massapequa, New York, he has been an investment advisor with A.G. Morgan Financial Advisors since December 2020. He was last registered as a broker with IBN Securities Financial Services from 2021 until he was “permitted to resign” in 2022 in relation to allegations he offered and sold securities in a fraudulent unregistered offering. His past registrations include Traderfield Securities, American Portfolios Financial Services, LPL Financial, SagePoint Financial, SunAmerica Securities, American Express Financial Advisors, and IDS Life Insurance Company. His credentials include the passage of five securities industry qualifying exams: the General Securities Principal Examination, or Series 24; the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; the Uniform Securities Agent State Law Examination, or Series 63; and the Uniform Combined State Law Examination, or Series 66. He is licensed as an investment advisor in California, Connecticut, New Jersey, and New York. (Information current as of June 28, 2022.)
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