On April 3, 2026, the Securities and Exchange Commission charged registered investment adviser A.G. Morgan Financial Advisors, LLC and its principals, Vincent J. Camarda and James E. McArthur, with allegedly perpetrating an offering fraud that raised at least $138 million from at least 431 investors.
According to the SEC’s complaint, filed in the U.S. District Court for the Eastern District of New York, from approximately June 2020 through at least December 2023, Defendants fraudulently induced their advisory clients, many of whom were elderly and financially unsophisticated, to purchase securities in the form of promissory notes issued by five high-risk private equity funds that Camarda and McArthur created, managed, and owned. As alleged, while Defendants told investors that the investments were conservative and safe and that the funds would invest in several diverse areas, in reality, four of the funds invested entirely in a high-risk mining venture and the fifth invested entirely in a start-up coffee shop company operated by Camarda’s son. The complaint further alleges that Defendants failed to disclose their substantial conflicts of interest in recommending the funds to their clients, namely, that Defendants received payments in connection with the funds’ investments in the mining venture and that one of the funds was created for the sole purpose of funding Camarda’s son’s coffee shop company. In addition, Camarda is alleged to have misappropriated approximately $1 million of client money by transferring it to his personal bank account.
