Long Island Advisor Pleads Guilty to $160M Fraud Scheme

Defendant misrepresented investment risks and conflicts to defraud clients, including elderly individuals

Apr. 6, 2026 at 1:52pm

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A Long Island investment advisor, Vincent Camarda, pleaded guilty in federal court to a $160 million securities fraud scheme. Camarda, the chairman and CEO of A.G. Morgan Financial Advisors, admitted to providing false or misleading statements about investment risks and conflicts of interest to lure clients into investing with him, while misappropriating hundreds of thousands of dollars for personal expenses.

Why it matters

This case highlights the ongoing problem of investment advisors betraying their clients' trust and using deception to enrich themselves, often targeting vulnerable individuals like the elderly. It underscores the importance of robust oversight and enforcement to protect investors from such predatory practices.

The details

Camarda, a registered investment advisor with the SEC and FINRA licenses, established the Camarda Funds investment funds between 2017 and 2024. He allegedly misrepresented the risks and diversification of the funds, failed to disclose conflicts of interest, and diverted hundreds of thousands of dollars in investor funds for personal use, including plastic surgery, travel, jewelry, and credit card payments.

  • Camarda's fraud scheme took place between January 2017 and December 2024.
  • Camarda pleaded guilty in federal court in Central Islip on April 6, 2026.

The players

Vincent Camarda

A Long Island investment advisor who served as chairman and CEO of A.G. Morgan Financial Advisors and pleaded guilty to a $160 million securities fraud scheme.

Joseph Nocella, Jr.

The U.S. Attorney for the Eastern District of New York who announced Camarda's guilty plea and stated that the government will aggressively prosecute investment advisors who betray their clients' trust.

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What they’re saying

“We will aggressively prosecute investment advisors who betray their clients' trust and commit crimes for their own financial gain.”

— Joseph Nocella, Jr., U.S. Attorney for the Eastern District of New York

“This defendant used a series of lies to lure clients, including elderly and other vulnerable individuals, into investing with him, all while enriching himself.”

— Joseph Nocella, Jr., U.S. Attorney for the Eastern District of New York

What’s next

When sentenced, Camarda faces up to 20 years in prison, as well as restitution of at least $160 million and forfeiture of more than $6.6 million.

The takeaway

This case highlights the ongoing problem of investment advisors betraying their clients' trust and using deception to enrich themselves, often targeting vulnerable individuals like the elderly. It underscores the importance of robust oversight and enforcement to protect investors from such predatory practices.