Vincent Camarda, the longtime chairman and CEO of A.G. Morgan Financial Advisors in Massapequa, has admitted in federal court that he ran what prosecutors describe as a massive investment fraud that siphoned roughly $160 million from his own clients.
Camarda, 62, pleaded guilty Friday in federal court in Central Islip to securities fraud and investment-adviser fraud. Prosecutors say more than 300 investors, many of them elderly, were drawn into the scheme and left with significant losses. He now faces up to 20 years in prison and court-ordered restitution when he is sentenced.
How Prosecutors Say $160 Million Vanished
According to a press release from the U.S. Attorney's Office, Eastern District of New York, Camarda set up several pooled investment vehicles branded as the "Camarda Funds." Between January 2017 and December 2024, he allegedly pitched more than 300 clients on these funds while misrepresenting how diversified and risky they actually were.
Instead of spreading money across a broad portfolio, prosecutors say Camarda funneled client funds into a single mining company and a food-service business that were tied to his own interests. On top of that, he is accused of diverting investor cash to pay for personal expenses that had nothing to do with anyone's retirement plan, including plastic surgery, travel and luxury goods.
The government is seeking restitution of at least $160,022,836.81, along with forfeiture of $6,639,498.17, according to the same filing.
Regulators Had Been Circling for Years
Federal regulators were already on Camarda's trail before the criminal case landed in Central Islip. In June 2022, the Securities and Exchange Commission sued A.G. Morgan and Camarda, accusing the firm of unlawfully selling unregistered securities tied to Par Funding and raising more than $75 million from over 200 investors, according to the SEC.
Separate industry records and arbitration decisions later showed that panels convened by FINRA ordered more than $7 million in awards to A.G. Morgan clients and that dozens of complaints had been lodged against the firm, InvestmentNews reported.
What Comes Next for Camarda and His Clients
Camarda, listed as residing in Amityville, entered his guilty plea before U.S. District Judge Nusrat J. Choudhury. The Criminal Section of the Eastern District of New York's Long Island Division is handling the prosecution.
"We will aggressively prosecute investment advisors who betray their clients’ trust and commit crimes for their own financial gain," U.S. Attorney Joseph Nocella said in announcing the plea. The case is filed as E.D.N.Y. Docket No. 26-CR-51, and, according to the U.S. Attorney's Office, sentencing and restitution proceedings will follow.
For Long Island investors who lost money, the guilty plea delivers criminal accountability but not an automatic payday. Any recovery of funds will depend on what can be clawed back through the criminal case and through separate civil and regulatory proceedings, including potential SEC remedies. The court is expected to set a sentencing date in the coming weeks, and scheduling updates for E.D.N.Y. Docket No. 26-CR-51 will be posted by the clerk’s office.
