Steven Pagartanis, Formerly of Lombard Securities Inc. Sued by the SEC after Allegedly Defrauding at Least Nine Retail Investors in an $8 Million Ponzi Scheme

Steven Pagartanis, a former Lombard Securities Inc. investment adviser, allegedly defrauded at least nine retail investors in an $8 million Ponzi scheme, according to SEC Documents under review by attorney Alan Rosca.

Attorney Alan Rosca, of the Goldman, Scarlato & Penny law firm, is investigating activity related to Steven Pagartanis’ alleged Ponzi scheme. Investors who believe they may have lost money in activity related to Steven Pagartanis’ alleged Ponzi scheme are encouraged to contact attorney Alan Rosca with any useful information or for a free, no obligation discussion about their options.

Steven Pagartanis, an E. Setauket man, allegedly swindled senior citizens in Ponzi scheme, according to Suffolk County District Attorney Timothy Sini. Sini also further alleges that Steven Pagartanis’ alleged victims lost more than $3 million.

The DA even reportedly stated that one alleged victim suffered from dementia.

Steven Pagartanis Allegedly Targeted Elderly Customers as Part of an Allegedly Large Ponzi Scheme

Steven Pagartanis, 58, allegedly implemented false and misleading statements to solicit $8 million from long-standing brokerage customers —many of whom were retired— on the alleged pretense that the investments would go toward a land development company, according to SEC Reports under review by attorney Alan Rosca.

Pagartanis, in sum, allegedly stole at least $7.5 million from his victims, according to Sini. One victim purportedly lost over $3 million, Sini said, while others allegedly lost hundreds of thousands.

The SEC, which filed a civil complaint against Pagartanis in Brooklyn federal court recently, purportedly stated that the number was slightly higher, and claimed that he siphoned $8 million from his clients.

Sini also made the following statements:

We’ve identified well over a dozen victims and we believe there are more victims out there. The defendant targeted the elderly… He targeted those victims he perceived as vulnerable.

Pagartanis, based on the alleged aforementioned behavior, allegedly violated FINRA Rules, and subsequently barred Pagartanis from working as a broker in April following complaints from customers, FINRA notes.

Securities Lawyer Investigating

The Goldman, Scarlato & Penny law firm represents investors who lose money as a result of investment-related fraud or misconduct and are currently investigating Steven Pagartanis’ alleged Ponzi scheme. The firm takes most cases of this type on a contingency fee basis and advance the case costs, and only gets paid for their fees and costs out of money recovered for clients. Attorney Alan Rosca, a securities lawyer and adjunct professor of securities regulation, has represented thousands of victimized investors across the country and around the world in cases ranging from arbitrations to class actions, and has helped recover tens of millions of dollars on behalf of investors.

Investors who believe they lost money as a result of Steven Pagartanis’ alleged Ponzi scheme may contact attorney Alan Rosca for a free no-obligation evaluation of their recovery options, at 888-998-0530, via email at arosca@lawgsp.com, or through the contact form on this webpage.

filed under: Investigations

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