Posted July 28, 2022
Menu
Menu
Invested with
The investor rights lawyers at the Rosca Scarlato LLC law firm are preparing to file claims for compensation on behalf of investors in Complete Business Solutions Group, d/b/a Par Funding alleged fraudulent scheme, who invested at the recommendation of former broker Vincent J. Camarda and his registered investment adviser firm A.G. Morgan Financial Advisors (“AGM”).
Recently, the Securities and Exchange Commission accused AGM, its principal Vincent Camarda, and its Chief Compliance Officer James McArthur of soliciting investors in connection to Par Funding securities offering while allegedly failing to disclose a conflict of interest, as more fully detailed below.
The Rosca Scarlato investor rights lawyers have already provided legal representation to other Par Funding investors, have been investigating this matter, have obtained and reviewed a considerable volume of evidence, and are preparing to take legal action on behalf of AGM/Camarda customers who invested in Par Funding and seek compensation for their investments. Investors and any individuals with knowledge of the facts surrounding AGM and Camarda’s involvement in the Par Funding securities offering are encouraged to contact the Rosca Scarlato attorneys with any questions and/or useful information about this matter.
Concerned about your Par Funding investments with Vincent Camarda and AGM?
If so, request a free case evaluation of your potential claims for compensation today, via email at arosca@rscounsel.law, through the contact form on this page, or by calling 888-998-0530.
Contact Us About Your Investments With
Free Case Evaluation
Posted July 28, 2022
Investment fraud attorney Alan Rosca and his team at Rosca Scarlato LLC have been investigating potential investment loss recovery options on behalf of investors who are concerned they lost money invested in the Par Funding alleged scheme at the recommendation of Vincent Camarda.
Public records under the review by attorney Alan Rosca reveal that A.G. Morgan Financial Advisors, Vincent J. Camarda, James McArthur, and their related entities were accused of serious violations of the securities rules and regulations in a complaint filed by the Securities and Exchange Commission in United District Court for the Eastern District of New York. The case is pending.
AGM customers who invested in the Par Funding alleged scheme and who are interested to evaluate potential options to seek compensation and/or pursue claims may contact investor rights attorneys Alan Rosca and Paul Scarlato. Attorneys Rosca and Scarlato have extensive experience in seeking compensation related to investor harm and pursuing claims arising out of securities laws violations, including sales of unregistered securities, breach of fiduciary duty, and fraudulent conduct. They typically work on a contingent fee basis, do not require any money down from their clients, advance case expenses, and only get paid for their fees and expenses if and when successful.
Claims that are not timely pursued may expire or otherwise be lost, generally speaking. AGM / Camarda customers who are concerned they suffered losses in connection to their investment in Par Funding and are interested to explore options to file claims should consider taking action promptly.
Attorneys Alan Rosca or Paul Scarlato may be contacted toll free at 888-998-0530, via email at arosca@rscounsel.law, or through the contact form on this webpage.
In a litigation release issued on June 10, 2022, the Securities and Exchange Commission (“SEC”) announced it charged A.G. Morgan Financial Advisors, of Massapequa, New York, AGM’s owner Vincent J. Camarda, and AGM’s former Chief Compliance Officer James McArthur with allegedly offering and selling securities in connection with the unregistered fraudulent offering with lending company Complete Business Solutions Group Inc. d/b/a Par Funding.
According to the Commission’s complaint, between August 2017 and July 2020, Camarda, McArthur, and AGM improperly raised over $75 million from more than 200 investors in connection with the Par Funding alleged fraudulent offering. The Commission further alleged that for their sales of the unregistered Par Funding securities, Camarda, McArthur and AGM collectively received over $7 million in compensation.
According to the SEC’s allegations, in 2016 and 2017, Vincent Camarda signed three loan agreements with Par Funding, pursuant to which Par Funding loaned or advanced AGM a total of $750,000. The loans were allegedly advanced on future receivables Par Funding was expecting from AGM’s advisory business, and according to the Commission, the loans were requested to allow Vincent Camarda to continue the operations of AGM and avoid bankruptcy.
In August 2017, pursuant to a Finders Agreement, Camarda and McArthur allegedly began to raise funds for Par Funding, by recommending investors to purchase Par Funding promissory notes that allegedly offered 12% interest and return of principal after one year, according to the complaint. Over the following three months, Camarda and McArthur allegedly solicited twelve AGM clients to invest $2.6 million in Par Funding.
According to the SEC, AGM repaid Par Funding in full in February 2018. The SEC further alleged that when soliciting investors, Camarda and AGM failed to disclose the loans between AGM and Par Funding, and as a result were in breach of fiduciary duty, as stated in the complaint.
Between late 2018 and July 2020, the Commission alleges that Vincent Camarda, James McArthur, and AGM continued to solicit investors in Par Funding through two investments funds called AGM Fund I and AGM Fund II. Camarda and McArthur allegedly offered AGM Funds promissory notes and then transferred investor funds to Par Funding which in exchange issued Par Funding promissory notes to AGM Funds, the complaint alleges.
According to the SEC, between December 2018 and end of 2019, Camarda and McArthur raised over $60 million from investors and AGM clients, through the sale of AGM Fund I notes. In addition, between January 2019 and July 2020, additional $14 million were raised by Vincent Camarda and James McArthur through the sale of AGM Fund II notes, the complaint states.
A resident Massapequa, New York, Vincent Jerome Camarda has been registered with FINRA as a broker and investment adviser for the past 27 years, according to his FINRA Brokercheck Report. The details in his Brokercheck Report indicate that Vincent Camarda has been the subject of at least three customer dispute disclosures, one of which was filed in 2003 and reportedly was denied, and the other two were filed in June 2006 and show as settled. According to one of the customer dispute disclosures that show as settled, the clients alleged unsuitable investment strategies and agreed to conclude the dispute for $9,062.40. The second settled customer dispute disclosure alleged unsuitable and undiversified investments, and according to Camarda’s BrokerCheck it was settled for $23,000.
Over the years, Vincent Camarda was reportedly registered with at least eight broker dealer firms. More recently, between April 2014 and December 2018, Camarda was reportedly employed by American Portfolios Financial Services. He then joined Tradefield Securities in January 2019, where he stayed until September 2020, according to his BrokerCheck. Finally, in March 2021 he became registered with IBN Financial Services where he stayed until June 2022, when he was reportedly permitted to resign in connection to his alleged involvement in the Par Funding unregistered securities offering.
Vincent Jerome Camarda is also a registered investment adviser. According to his IAPD report, between June 2016 and January 2019, Camarda was registered as an investment adviser with A.G. Morgan Financial Advisors, A.G. Morgan Financial, LLC, LPL Financial Services. and American Portfolios Advisors. Since December 2020, he has been registered with A.G. Morgan Financial Advisors.
His co-defendant in the SEC action, James Edward McArthur, is also a formerly registered broker and active investment adviser. According to his FINRA Brokercheck Report, during his reported 23 years of experience, he was affiliated with 11 different broker dealers, and more recently with American Portfolios Financial Services (between April 2014 and December 2018), Tradefield Securities (between January 2019 and September 2020), and IBN Financial Services (between April 2021 and June 2022, when he was permitted to resign). In addition, according to his IAPD Report, McArthur was registered as an investment adviser with LPL Financial, American Portfolio Advisors, and A.G. Morgan Financial Advisors between June 2013 and December 2017. Since February 2021, James McArthur has been registered with A.G. Morgan Financial Advisors LLC.
Complete Business Solutions Group Inc. d/b/a Par Funding is a Philadelphia based entity with offices in Florida, that reportedly offered short-term loans to small-sized businesses, and allegedly claimed to have funded more than $600 million in loans.
Between 2018 and 2020, Par Funding was subject to regulatory actions by Pennsylvania, New Jersey, and Texas securities regulators for alleged violation of state securities laws. The orders issued by each state regulator may be reviewed below, under Important Case Documents section.
In July 2020, the Securities and Exchange Commission filed a complaint against Par Funding, affiliated entities and control persons seeking to obtain a temporary restraining order and an asset freeze to reportedly stop an alleged fraudulent scheme that allegedly raised close to half a billion dollars from approximately 1,200 investors nationwide using a network of sales agents.
According to the docket, the court ordered a temporary asset freeze and granted SEC’s request to appoint a receiver. The receivership case is currently pending.
Potential Compensation Claims
Investment fraud attorneys Alan Rosca and Paul Scarlato have developed a nationwide practice assisting investors around the country to seek compensation for their losses arising out of investment fraud and Ponzi schemes. They and their team are currently evaluating potential claims for compensation on behalf of any victimized investors against certain financial industry entities that may be responsible for any losses suffered by investors as a result of investing in Complete Business Solutions Group, d/b/a Par Funding.
“Financial industry companies typically have a duty to monitor their operations and supervise their associated persons,” said attorney Rosca. When financial industry businesses fail in their duties, they may be held liable to victims of their associated persons, depending on the particular facts specific to each case, attorney Rosca indicated.
The Rosca Scarlato investor lawyers are preparing to take action on behalf of AGM / Camarda customers who invested in Par Funding. Their goal is to supplement whatever recovery may be available from the receivership proceedings against Par Funding, by going after third party financial companies that may have assisted in or enabled the alleged fraud.
One of the potential recovery venues under evaluation by the Rosca Scarlato attorneys is related to a financial service company that used to employ Vincent Camarda. Evidence reviewed by attorneys Rosca and Scarlato suggests that some of Par Funding investors were former customers of Camarda / AGM, who were recruited to invest in Par Funding while he was affiliated with said financial service company and under its supervision.
If you are concerned about your investments in Par Funding at the recommendation of Vincent Camarda, please contact attorneys Alan Rosca or Paul Scarlato for a free, no-obligation evaluation of your loss recovery options, toll-free at 888-998-0530, via email at arosca@rscounsel.law, or through the contact forms on this page.
These general considerations are for informational purposes only and do not constitute legal advice. Such legal advice can only be offered once the attorneys discuss each investor’s situation, learn of the relevant facts and can tailor any advice to that investor’s facts. Vincent Camarda and A.G. Morgan Financial Advisors investor center is not affiliated with Vincent J. Camarda, James McArthur, and / or A.G. Morgan Financial Advisors.
In our legal system, every person is innocent until and unless found guilty by a court of law or a tribunal. Whenever we reference “allegations” or charges that are “alleged,” such allegations or charges have not been proven, and are merely accusations, not findings of fault, as of the date of the blog. We do not have, nor do we undertake, a duty to continue to monitor or follow matters about which we report, and/or to publish subsequent updates regarding various developments that may occur in such matters. Readers are encouraged to conduct their own research regarding any such matters and any developments that may or may not have occurred in such matters. Also, the Brokercheck report linked to some of our blogs is the up-to-date version as of the date of accessing by the reader. The information in our blogs is current as of the date of the drafting of the blog, and given that sometimes certain past complaints may no longer be listed in newer Brokercheck reports, some of the events referenced in some of our blogs may later on be removed from newer Brokercheck reports. Visitors may check the most recent version of each brokercheck report at www.finra.org, and may contact FINRA for the earlier version of the Brokercheck report upon which various blogs may be based.
Cleveland area office
2000 Auburn Drive
Suite 200
Beachwood, OH 44122
Philadelphia area office
161 Washington Street,
Suite 1025
Conshohocken, PA 19428
Cleveland area office
2000 Auburn Drive
Suite 200
Beachwood, OH 44122
Philadelphia area office
161 Washington Street,
Suite 1025
Conshohocken, PA 19428
Investor Resources
About us
IMPORTANT LEGAL DISCLAIMERS
*CONTINGENCY FEE REPRESENTATION – NO RECOVERY, NO FEES:
In all class action cases, the Rosca Scarlato LLC law firm offers contingency fee representation, meaning the attorney’s fees are a portion of any recovery. If there is no recovery, then the clients are not responsible for paying any attorney’s fees or case expenses. As to non-class action cases, a small number of jurisdictions require that clients be ultimately responsible for case expenses. The terms of representation for international investors may differ. Please contact our law firm to learn more about our contingency fee representation for investment fraud victims and our terms of representation for international investors.
*NATIONWIDE INVESTOR REPRESENTATION
The Rosca Scarlato LLC law firm represents investors located throughout the United States and internationally in securities arbitration and litigation matters. Our various attorneys are admitted to practice law only in the jurisdictions disclosed on their respective pages on this website, and depending on each state and type of case may affiliate with local co-counsel for pro hac vice admission to file cases in other jurisdictions, at no additional cost to clients.
*ATTORNEY ADVERTISING; NO LEGAL ADVICE
This site contains attorney advertising material. Comments quoted on this page, made by a judge or arbitrator in any particular case, are not an endorsement of the Rosca Scarlato LLC attorney’s legal skill or ability. The responsible attorneys for the content of this website and Rosca Scarlato’s advertisements are Alan Rosca and Paul Scarlato, unless otherwise specifically indicated. Paul Scarlato’s office is in Philadelphia area and Alan Rosca’s office is in the Cleveland, Ohio area, as detailed on their pages on this website. Each case is different, and prior results do not guarantee a similar outcome in any future case. The information you review at this site is not legal advice. You should consult an attorney for individual advice regarding your case. We do not enter into attorney-client relationship through this website, or through your communication with us on this website. By continuing to browse this website you agree that an attorney-client relationship with RS is formed only upon the execution by both parties of an attorney-client agreement. Any investigation referenced on this website is independent and conducted by the Rosca Scarlato LLC law firm privately. Any information or statements contained in this website, regarding pending or past investigations, is derived from public records and should be viewed as allegations, not statements of facts, unless specifically indicated otherwise. Please check the “Legal Disclaimer” page for important disclaimers.
Copyright ©2024 Rosca Scarlato LLC | Legal Disclaimer | Privacy Policy