Hartford Superior Court has confirmed an arbitration award of $9.5 million to 15 people, most of them Connecticut residents, who were defrauded by a Long Island investment advisor.
But Simsbury-based attorney Joshua Kons, who represented the group, said it’s unlikely the retirees can recoup the judgment.
“This is a horrifying story,” Kons said. “He convinced them to turn over all of their money including checking accounts.”
Vincent Camarda, the chairman and CEO of A.G. Morgan Financial Advisors plead guilty in April to securities and investment advisor fraud in a $160 million scheme that defrauded more than 300 people, many of whom lost their life savings.
Camarda maintained an office in Newington.
Prosecutors say that Camarda took hundreds of thousands of dollars from individual investors, misrepresenting to them that he was placing their funds in low-risk investments.
Instead, Camarda diverted the money into a high-risk mining company and also in a drive-thru coffee shop company owned by his son. He also used some of the funds for luxury purchases including plastic surgery, travel and jewelry.
In January 2024, the funds stopped making interest and principal payments to investors.
The Connecticut case originated with an arbitration filing with the federal Financial Industry Regulatory Authority or FINRA, in that year.
“Some of these older people had to move in with their kids because they literally have no money,” Kons said. “It’s really unfortunate.”
His firm is continuing to pursue third-party recovery options.
Camarda is awaiting sentencing.
