A Massapequa, Long Island-based registered investment advisor and two executives have been ordered by FINRA arbitration panels to pay more than $7 million in damages and costs to seven clients whose savings were squandered in risky investments, according to a report Tuesday by Newsday.
A.G. Morgan Financial Advisors and its key officers, Vincent J. Camarda and James E. McArthur, recently lost four FINRA arbitration cases brought by their clients, according to arbitration documents and interviews, Newsday reported.
Camarda, A.G. Morgan’s founder and CEO, and McArthur, its president and chief compliance officer, were suspended indefinitely from working in the securities industry in October by FINRA. The suspensions came after Camarda and McArthur failed to pay the recent judgments handed down by FINRA arbitration panels.
The A.G. Morgan building in Massapequa, which is owned by Camarda, along with his home in Amityville, are both in foreclosure, according to filings in New York State Supreme Court.
When a Newsday reporter visited the office building on Monday, the gold-lettered A.G. Morgan sign had been taken down and the furniture removed.
A defunct firm often spells trouble for investors seeking damages beause no business is up and running to take responsibility in such cases.
Camarda didn’t respond to multiple email messages seeking comment and hung up when reached by phone after the reporter identified himself, according to the report. McArthur didn’t respond to email and voicemail messages.
The Securities and Exchange Commission in 2022 charged A.G. Moran, Camarda and McArthur in an alleged sale of fraudulent securities. The sales were allegedly connected to a more than $500 million unregistered fraudulent offering with lending company Complete Business Solutions Group Inc. d/b/a Par Funding.
The SEC previously charged Par Funding and others with operating a fraudulent scheme that raised hundreds of millions of dollars from investors nationwide.
According to the SEC's 2022 complaint, A.G. Morgan, Camarda and McArthur raised more than $75 million from over 200 investors in connection with Par Funding's unregistered securities offering from at least August 2017 through July 2020, and received compensation of more than $7 million for doing so.
The SEC alleged that the defendants offered and sold securities to investors without approval from the registered broker-dealer with whom they were associated.
The complaint also alleged that in 2017, A.G. Morgan and Camarda failed to inform advisory clients that A.G. Morgan had borrowed, and had not fully repaid, approximately $750,000 from Par Funding.
From April 2024 through July 2025, FINRA logged 23 complaints against Camarda, with clients seeking a total of $25.4 million in damages, according to Newsday. McArthur faces 17 complaints from the same period seeking a total of $23.1 million.
New Morgan Stanley research shows retirement planning is a key area where advice is required.
ASA reacts as regulator drops no-deny policy, freeing firms and individuals to publicly dispute allegations after reaching settlements.
Joel Frank allegedly sold more than $39 million worth of investments in the Equilus Funds to more than 90 investors,
The Charity Parity Act would eliminate a costly IRA rollover requirement that blocks direct charitable transfers from workplace retirement plans.
A last-minute court filing ends a case against the federal tax-collecting agency that had drawn unprecedented conflict-of-interest questions from Democratic critics.
As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management
Growth may get the headlines, but in my experience, longevity is earned through structure, culture, and discipline
