Massapequa, New York based AG Morgan was charged with securities fraud by the Securities and Exchange Commission on June 9, 2022
— Marc D. Fitapelli, Esq.
NEW YORK, NEW YORK, USA, June 13, 2022 /EINPresswire.com/ — MDF Law is investigating investor complaints against A.G. Morgan Financial Advisors, Vincent Camarda and James McArthur related to investments made in Complete Business Solutions Group d/b/a Par Funding. The group was charged with securities fraud by the Securities and Exchange Commission on June 9, 2022. The complaint was filed in the Eastern District of New York (Case 2:22-cv-03421). A copy of the complaint is attached to the bottom of this press release.
MDF Law is a New York City based law firm that exclusively represents investors in FINRA arbitration cases. We represent investors on contingency and are not paid a legal fee unless we recover money for our clients. If you invested in Par Funding or AGM Capital Fund, please call (212) 203-9300 and ask to speak with attorneys Marc Fitapelli or Jeffrey Saxon. The call is free and confidential.
The complaint against A.G. Morgan Financial, Mr. Camarda and Mr. McArthur involved their marketing of investments in Par Funding. From August 2012 through July 2020, Par Funding provided short term loans to small businesses in exchange for a security interest in their receivables. It referred to these loans as “merchant cash advances.” To fund its operation, Par Funding sold unregistered securities in the form of promissory notes to investors. The notes generally promised 12% interest with a return of principal after twelve months. In addition to selling notes in Par Funding, A.G. Morgan also sold investments through agent funds called AGM Capital Fund I and II.
AG Morgan Financial, James McArthur and Vincent Camarda failed to disclose important information about Par Funding to their customers. Specifically, the SEC’s complaint alleges that AGM failed to inform clients that it borrowed, but had not repaid, approximately $750,000 from Par Funding. A.G. Morgan Financial, Mr. Camarda and Mr. McArthur raised more than $75 million from more than 200 of its investors and received more than $7 million in compensation. Its clients may be eligible to seek significant money damages against them as well as other third parties, including the broker-dealers that employed Vincent Camarda and James McArthur.
On July 24, 2022, the Securities and Exchange Commission filed a securities fraud complaint against Par Funding. The complaint accused its principals of lying to investors about the fund’s business, how investor funds would be used and the criminal history of its founder, Joseph LaForte. Par Funding is currently under receivership. This means it is being controlled by a receiver who was appointed by a federal judge. The receiver will be responsible for operating the business of Par Funding and determining the amounts owed to individual creditors. That process is ongoing.
If you invested in Par Funding, you may be able to file a case for money damages against the salesperson that marketed the investment to you. These types of claims are different than the receivership and involves filing an individual arbitration case before the Financial Industry Regulatory Authority, or FINRA. MDF Law is also investigating other financial advisors that sold Par Funding because we understand that the investment may have been sold through various agent funds. The following is a complete list of agent funds provided by the receiver:
• AGM Capital Fund;
• AGM Capital Fund 2;
• Blue Stream Income Fund;
• Cape Cod Income Fund;
• Capricorn Income Fund;
• Capricorn Income Fund I Parallel LLC;
• GR8 Income Fund;
• Jade Fund, LLC;
• Jax Fund;
• LWM Equity Fund;
• LWM Income Fund 2;
• LWM Income Fund Parallel LLC;
• Mariner MCA Income Fund;
• MCA Capital Fund;
• MCA Carolina Income Fund;
• MCA National Fund; Merchant Factoring Income Fund;
• Merchant Growth Income Funding;
• Merchant Services Income Fund Parallel;
• Mid Atlantic MCA Fund;
• MK One Income Fund;
• Par Equity Lenders;
• Pisces Income Fund Parallel LLC;
• RAZR MCA Fund;
• Sherpa 1 Income Fund;
• Spartan Income Fund Parallel LLC;
• STFG Income Fund;
• Titan Holdings LLC;
• Victory Income Fund;
• Wellen Fund I; and
• WorkWell Fund.
Please contact attorneys Marc Fitapelli or Jeffrey Saxon at 212-203-9300 for more information about this investigation. We are interested in speaking to you if you invested in Par Funding through A.G. Morgan, Vincent Camarda, James McArthur or any of the agent funds listed above.
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