The Securities and Exchange Commission sued two investment advisers and their firm, alleging they fraudulently induced hundreds of clients, including many who were elderly and financially unsophisticated, to buy promissory notes issued by five high-risk private equity funds managed by the defendants.
Vincent J. Camarda and James E. McArthur, principals of A.G. Morgan Financial Advisors LLC, told clients the investment funds were safe and conservative when they actually invested in high-risk ventures, according to the SEC’s complaint filed April 3 in the US District Court for the Eastern District of New York.
The defendants allegedly raised at least $138 million ...
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